Liverpool's landmark buildings are re-united

09 August 07

In the largest acquisition in Liverpool this year, UK Land and Property, in a joint venture with Pochin's plc, has acquired Walker House, the 27,870 sq m (300,000 sq ft) grade II listed building at Exchange Flags for an undisclosed sum. At the same time it has announced a pre-letting of 6,503 sq m (70,000 sq ft) to The Ministry of Defence, which is to relocate to the refurbished building in late 2008.

The acquisition completes the ownership of Exchange Flags for the joint venture, having purchased Horton House in June last year. At 42,734 sq m (460,000 sq ft) this makes Exchange Flags the largest commercial building in Liverpool under single ownership. It also signals the start of a comprehensive £15 million refurbishment for the 10-storey Walker House, which has been vacant for the last fifteen years. Exchange Flags is already a proven location, with Brabners Chaffe Street having taken occupation of 3,995 sq m (43,000 sq ft) offices at Horton House last week and a further 2,787 sq m (30,000 sq ft) currently in legals.

Walker House will provide the market with large single floor plates ranging from 1,068 sq m sq m to 2,600 sq m (11,500 sq ft to 28,000 sq ft), together with approximately 929 sq m (10,000 sq ft) retail and restaurant opportunities on ground floor.

As part of the acquisition, the Western Approaches war museum on the ground floor will be retained as an operational museum, recognising the crucial operations of the Battle of the Atlantic and in tribute to the important role of the City and the building in the Second World War.

On the acquisition, Simon Parker comments: "The fact that the Ministry of Defence has seen the potential in Exchange Flags and its location is extremely gratifying. This is further substantiated by the amount of floor space completed and under offer in Horton House. Having completed the refurbishment of Horton House our efforts now turn to Walker House to help further establish Exchange Flags as the gateway to the City's new business district."

Jim Gill, chief executive of Liverpool Vision concludes: "This is more great news for the Exchange Flags development and well worth the long wait. It is impossible to overestimate the importance of a vibrant, fully functioning Exchange Flags to the health of the Commercial District and the working of the City because it is such a crucial link between the expanding business quarter around Old Hall Street and the Liverpool One shopping area.

"The joint venture already had great success with Horton House. The Ministry of Defence's decision to relocate to Walker House confirms that success and will no doubt help attract other high profile occupiers to the development."

Development funding is being provided by Anglo-Irish bank. Alan Murch of Keppie Massie and Charles Hubbard of Edmund Kirby brokered the deal. Law firm Goodman Harvey acted for the purchaser.