Historic Liverpool office block set for £7m overhaul after changing hands

Property developer Commercial Estates Group (CEG) and investment firm Anglo Scandinavian Estates have acquired Exchange Station, a 19th century building in the heart of Liverpool’s central business district, from the Homes and Communities Agency (HCA).

Following the deal, CEG will plough £7m into refurbishing the office property as part of a wider £20m investment plan.

Originally built in 1888 as a railway station, Exchange Station was developed into offices in 1986 and today comprises 190,000 sq ft across its basement, ground floor and five upper levels. The HCA acquired the site in 2014.

Deborah McLaughlin, the HCA’s executive director for the North West, commented: “Exchange Station is one of Liverpool’s important grand buildings and is of great significance in the city, forming a cornerstone of the central business district.

“Exchange Station benefits from significant investment including the remodeling of the Atrium, and the creation of a café and great new work space suitable for smaller business for which there is great demand in Liverpool.”

She continued: “This deal sees Exchange Station move back into the hands of the private sector and we are confident that CEG will ensure the building achieves its fullest potential.”

CEG was advised during the transaction by Brian Ricketts, a partner at commercial property agency Hitchcock Wright & Partners.

Commenting on the deal, Brian said: “Having identified Exchange Station as a sound investment opportunity, we immediately approached CEG, who have had a long association with Liverpool and are one of the city’s main landowners.

“This deal further cements CEG’s position as a long-term investor in Liverpool and the wider city region and the company is now undertaking a comprehensive refurbishment of the office space, which is due for completion in summer 2016.”