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News Release

Liverpool

West Tower on the Market


Liverpool, 12th April 2012 –Liverpool’s tallest building, West Tower, has been formally placed up for sale with an asking price of £12.5million.
 
The administrators, Les Ross and Martin Ellis of UK accountancy firm Grant Thornton have appointed to the real estate specialists Jones Lang LaSalle to oversee the disposal of the 40-floor waterfront building.
 
West Tower Liverpool Limited and Mapfield Properties Limited, the two companies that together controlled the building were placed into administration on 31 January 2011. They were part of the Beetham organisation.
 
There had been a delay in bringing West Tower to market as an issue with Liverpool City Council concerning land underneath an overhang of the tower needed to be resolved.  An agreement has now been reached in respect of this oversail issue but the terms of the settlement have not been disclosed. 
 
West Tower has 123 apartments, 106 of which are unsold, and mainly let to tenants.  The remaining 17 properties are owner-occupied.  The unsold apartments consist of 104 two-bedroom apartments, plus two three-bedroomed penthouses.
West Tower also includes 12,500sqft of commercial space on the lower four floors and the prestigious Panoramic restaurant, on the 34th floor, which was not affected by the administration as it is run by a separate company. It has continued to trade normally throughout.
 
Martyn Green, director of Jones Lang LaSalle in Liverpool said: “West Tower is a landmark building and has attracted a great deal of interest from private investors and institutions.  We already have firm enquiries, no doubt driven by the quality of the building, its unrivalled location and that fact it is almost fully occupied.”
 
Joint administrator Les Ross said: “West Tower was hit by the fall in property prices since the building was completed in 2008, and that the companies behind it struggled to meet their bank borrowing requirements. We’re pleased to have reached the point where it’s available for sale and believe its quality and location will make it an attractive proposition for the market.”