Property developer Downing agrees sale of Federation House
Property developer Downing has completed the sale of Liverpool’s iconic Federation House.
The building has been purchased by the Robert Smith Group for a sum of £2.25M.
The 21,000 square foot building is ideally situated on Hope Street in Liverpool’s Georgian Quarter, with easy access to the city’s universities, Royal Liverpool Hospital, Liverpool Science Park and commercial centre.
Currently home to the Liverpool Media Academy, fellow tenants include restaurant Ego and coffee shop Moose Coffee. The five floors of office space are based on an open plan, column free layout. Workers in the building also benefit from excellent natural lighting and views.
John Clegg, Head of Property Management at Downing, said:
“We’re pleased to complete the sale of what is one of the most iconic buildings in Liverpool’s Canning Street Conservation area. The improvements and refurbishments Downing has made to the property means that the new owners are inheriting a building which is in excellent condition and fully let to a great blend of tenants. It represents yet another example of Downing successfully overseeing the renovation and sale of a landmark structure in the city.”
Worthington Owen have acted for Downing in the sale of the property. Andrew Owen, director of Worthington Owen, said:
“We were delighted at the level of interest generated in this asset and are increasingly seeing investments such as this throughout the city. The Robert Smith Group performed exceptionally well throughout this transaction – completing within eight weeks of the agreement of terms. There is no doubt the future of the building is in safe hands.”
David Colvin, from national commercial property advisers Matthews and Goodman, who acted jointly on the acquisition with Paul Norman of Hatrick Property, said:
“It’s a quality building in an excellent location; this area of Liverpool, between the wonderful cathedrals, is bustling with life, learning, creative industry and the arts. As a result, we see this as a prudent investment in the city and look forward to forming a lasting relationship with our occupiers. We are delighted Matthews and Goodman have also been fully retained to manage the property for the future, on behalf of the new owners.”
Adjacent to Liverpool’s famous Philharmonic Hall, the front of the building is distinguished by its faux-Aztec cladding which is manufactured from sculpted glass fibre. The unique design is the work of architect William Mitchell, who also designed the sculpted bell-tower and main doors of the nearby Metropolitan Cathedral.
The Federation House deal represents another successful sale of property for Downing on Merseyside. It follows the firm’s sale of the 160,000 square foot Port of Liverpool Building at the Pier Head for around £27m in November last year.