Former Liverpool magistrates courts building changes hands in deal believed to be worth around £2m paving the way for conversion of Grade II-listed site into a boutique hotel. Tony McDonough reports
Liverpool developer JSM has acquired the city’s former magistrates courts building on Dale Street and is set to push on with plans for conversion to a 111-bedroom hotel.
Backed with a ‘fast-track acquisition’ loan completed in 20 days from lender Phoenix Money, JSM is believed to have paid around £2m for the building, buying it from Belgian property firm VSHF Developments.
Early in 2024 VSHF secured planning consent for the hotel in plans that would also see a new-build five-storey extension. It is located opposite the former city council headquarters which has also been converted to a hotel called The Municipal.
JSM is also the owner of the former Bank of England building on Castle Street which is now home to The Ivy restaurant. The firm also owns the former Fruit Exchange in Victoria Street which is also set for a hotel conversion.
Matt Crebbin, property and assets manager at JSM said crucial to the success of the deal was how quickly Phoenix Money arranged the financing. He said: “This was our first transaction with Phoenix Money, and the level of commitment, speed, and hands-on support from Manish and the Phoenix team was exceptional.
“They were available and present throughout the transaction and their ability to work alongside us in a tight timeframe gave us real confidence. We look forward to working together again on future projects.”
Founded in 2020, Phoenix Money is a Liverpool-based bridging finance company that provides “fast, flexible” finance to investors, developers, and individuals across the UK.
Completed in 1859, the former magistrates was designed by Liverpool Corporation surveyor John Weightman. It is built of ashlar stone on a granite plinth. The magistrates courts closed in 2015 and the site has remained vacant ever since.
It currently comprises seven courtrooms, basement and ground floor cells, ground and first floor waiting halls, and ancillary offices and meeting rooms.
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Another developer, YPG, secured planning consent for a similar hotel scheme in the building in 2019 but never followed through. VSHF directors Nathan Van Paesschen and Gregory Spaenjaers, acquired the building from YPG for £265,000 in 2022.
As well as the hotel on the upper floors, plans for the ground floor of the development also include a restaurant.