Liverpool office building to become The Residence following £3.75m acquisition

An empty office building in Liverpool city centre will be transformed into nearly 100 new homes after flying off the market for £3.75m

Number 8 Water Street was acquired by a partnership between long-term business associates Craig Blackwell, from investment firm Prospect Capital, and Martin Wilcocks of financial advisors Wilcocks & Wilcocks.

The 73,000 sq ft property, which dates back to the 1970s, will see its façade overhauled and interiors revamped with new lighting. Further, two new floors and a roof terrace will be added.

Subject to planning, the project will bring the site’s gross development value to £14m.

The property will be relaunched in eight weeks’ time as The Residence and geared towards buy-to-let investors. So far, 75% of the building’s 96 apartments have been sold.

Discussing the acquisition, Craig Blackwell said: “The work on the site will retain the unique porthole styling in line with the architect’s original contemporary and minimalist vision.

“This building sits in the heart of one of the great streets in the business district, Water Street with views of the world famous waterfront.”

Image: A CGI of The Residence

Martin Wilcocks commented: “It’s great that we have been able to contribute towards the re development of a number of flagship Liverpool city centre properties that before we got involved were more or less unoccupied commercial buildings.

“Number 8 Water Street has been largely vacant for a number of years, and was previously the head office for Aviva. In recent years the building was used by artistic collective If Only, which sub-let the space from Shape Arts.”

As Number 8 Water Street’s space comprises a mix of residential and commercial, both Craig and Martin have moved their own companies into the building alongside Liverpool firm Ascot Property Investments.

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