Built in 1898 as the headquarters of White Star Line, Signature completed the conversion of the Grade II-listed Albion House into a hotel in 2014 using cash from overseas investors. Tony McDonough reports
Signature Living is now the sole owner of Liverpool’s 30 James Street Hotel after buying out all its overseas small investors.
Built in 1898 as the headquarters of Titanic owner White Star Line, Signature completed the conversion of the Grade II-listed Albion House into a hotel in 2014, funding the project using a fractional sales model where investors bought individual rooms.
Now with the hotel a commercial success Signature founder Lawrence Kenwright has announced the company has activated a five-year buy back option in the agreement to secure sole control of the asset.
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Since it opened its doors 30 James Street and its 63 bedrooms, some of which offer views of Liverpool’s world-famous three graces, has proved a hit with visitors to the city and now enjoys a 98% occupancy rate. It has also proved a popular venue for events such as weddings.
According to Signature, an independent valuation, carried out recently, estimates 30 James Street is now worth more than £16m.
Mr Kenwright said: “Our business growth and success in recent years has allowed us to repay and offer significant returns to investors at 30 James Street. This is a landmark moment for Signature Living and we are now firmly focused on our national expansion with ongoing hotels and residential schemes in Belfast, Manchester, Preston, Cardiff and Bristol.”
Signature Living is looking to use a similar strategy to buy out the remaining investors across its property portfolio, including Liverpool hotels Arthouse, the Shankly and Cardiff’s Coal Exchange.
The fractional sales model has come under fire in Liverpool over the past year following the collapse of a number of high-profile residential schemes. However the founder of local developer Legacie told LBN earlier this month that the model was a sound one if done properly.