Sale of the century! Iconic royal Liver building sold for £48M to Luxembourg investment firm
Liverpool’s most famous building has sold for £48 million to a property investment firm in Luxembourg.
The Grade I listed Royal Liver Building, located on the world renowned UNESCO World Heritage Waterfront, was put up for sale for the first time in its 105-year history in October 2016.
Four months later the iconic building, famously flanked by a Liver bird on each tower, has sold to Corestate Capital Holding for £8 million above its original guide price of £40 million.
And Corestate’s chief investment officer Thomas Landschreiber said the firm plans to invest ‘substantial funds’ to ‘preserve and strengthen’ the landmark.
Thomas said: “As the new owner and custodian of this iconic building, we appreciate its heritage and importance to the people of Liverpool.
“The investment reflects our expertise in acquiring premium quality property assets and we intend to invest substantial funds in order to preserve and strengthen this landmark office building over the long-term.”
The striking piece of architecture, which opened its doors back in July 1911, was commissioned by Royal Liver Assurance with building starting in 1908.
But it was current owner, Royal London Mutual Insurance Society, who decided to put the property on the market at the end of last year.
The London-based insurance company acquired the building, which has undergone extensive refurbishment, in 2011 after a takeover of Royal Liver Assurance.
Stephanie Hacking, fund manager at Royal London, said it has been a ‘huge honour’ to be involved in the sale of such a ‘unique’ building.
Stephanie said: “It has been a huge honour to be involved in the sale of the Royal Liver Building. It is a unique property with a tremendous history and prestige.
“We were delighted to have received such considerable interest in the asset and very pleased to have concluded the sale to Corestate who will no doubt be proud owners going forward.”
The sale of the building, which was led by estate agents CBRE, attracted significant interest from investors across the world.
Colin Thomasson, executive director at CBRE, explained this is in part due to the rarity of seeing such an iconic building on the market but also a sign of growing confidence in the future of the city.
Colin said: “It is rare to see an asset like the Royal Liver Building come to market and advising on this sale has been a huge privilege.
“As we anticipated, the property attracted significant interest from investors across the world and we are delighted to have concluded the sale with Corestate.
“Liverpool is experiencing a resurgence, with significant activity across the city, and this investment from a respected international investor is yet another sign of confidence in the future of the City of Liverpool.”
Occupiers of the building include BESTINVEST, HSBC, Mott MacDonald, Pershing, Princes Foods and Universities Superannuation Scheme.