A building housing one of the best known LGBT+ bars in Liverpool changes hands in a property auction that raised a total of more than £7m. Tony McDonough reports
A building housing Kitty’s Showbar in Liverpool city centre has changed hands for £280,000 in the latest Sutton Kersh property auction which raised a total of £7m.
Formerly The James Monroe, the pub in Tithebarn Street was taken over by entrepreneurs Billy and James Montgomery-Coughlin in 2018. They changed the name and transformed it into an a LGBT+ bar and cabaret club in 2019.
Kitty’s Showbar was chosen as a homage to resident performer Kitty Litter. It was decorated on the outside in rainbow colours.
Although the building changed hands for £70,000 above its guide price the pub remains open as usual. It is let on a 15-year lease producing a rental income of £9,600 a year.
This freehold property comprises three-storeys plus basement. The original layout provided a first floor flat with four letting rooms, plus a bathroom to the second floor.
Other significant lots in the auction included a four-bedroom house in Thomas Lane in Broadgreen. In need of refurbishment and modernisation, this property had a guide price of £180,000 and sold for £200,000.
Another vacant residential property, a three-bedroom mid-terraced house in Norris Green, sold for £118,00 which was £38,000 over its guide price.
Following a scheme of refurbishment works the property would be suitable for occupation or investment purposes with a potential rental income of around £10,200 a year.
Cathy Holt, associate director of Sutton Kersh Auctions, described the current market as “intriguing”. She added that interest rates were affecting mortgage levels and recent changes to landlord regulations were all changing the market dynamic.
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She explained: “There is still a strong demand for properties, especially vacant residential ones. We are, however, noticing a slight anguish amongst buyers on tenanted properties due to the recent changes with EPC and tenancies.
“The next few months will definitely be interesting. But given the interest we are still seeing I strongly believe if you list the right properties at the right price there will be a buyer for them.”
The next Sutton Kersh Auction will take place online on October 26.