Liverpool’s Exchange Station will undergo a £7 million refurbishment after being sold for an undisclosed sum.
Commercial Estates Group joined forces with Anglo Scandinavian Estates to acquire the office building in the city’s central business district from the Homes and Communities Agency (HCA).
CEG’s investment of around £20 million will see a phased refurbishment project get underway at the former Victorian railway station on Tithebarn Street, which will be due for completion this summer.
Exchange Station was built in 1888 and then developed in 1986 by English Estates. The 19th Century façade was retained to front 190,000 sq ft of office accommodation across the basement, ground floor and five upper floors.
HCA acquired the scheme in April 2014 following the closure of Space Northwest and has since worked with CEG to facilitate a deal for the site.
Brian Ricketts, partner and head of office agency at Hitchcock Wright & Partners, which advised CEG, says: “Having identified Exchange Station as a sound investment opportunity we immediately approached CEG, which has had a long association with Liverpool and is one of the city’s main landowners.
“This deal further cements CEG’s position as a long-term investor in Liverpool and the wider city region and the company is now undertaking a comprehensive refurbishment of the office space, which is due for completion in summer 2016.”
Deborah McLaughlin, HCA’s executive director for the North West, adds: “Exchange Station is one of Liverpool’s important grand buildings and is of great significance in the city, forming a cornerstone of the central business district.
“Exchange Station benefits from significant investment including the remodeling of the Atrium, and the creation of a café and great new work space suitable for smaller business for which there is great demand in Liverpool.
“This deal sees Exchange Station move back into the hands of the private sector and we are confident that CEG will ensure the building achieves its fullest potential.”
JLL represented HCA in the deal.