Announcement for the purchase of a property in the North West of England
Friday, July 21, 2006
Announcement for the purchase of a property in the North West of England
We announced today in our preliminary statement of this purchase and this separate announcement gives fuller details.
Your Space plc has today exchanged contracts to acquire the freehold interest at 7 Water Street Liverpool for a purchase price of £2,850,000.
The acquisition is due to complete in August 2006 and will be funded from existing resources and debt finance.
The building is located in the heart of the city’s traditional business core and close to the Grosvenor estates £900million Liverpool One development.
The property has a net internal floor area circa 22,650 sq ft. It is Grade II listed and the principal element of the property is a large banking hall which has an impressive entrance direct from Water Street. The banking hall has a barrel vaulted roof and is of considerable architectural merit being designed on the lines of an Italian style palace. In addition there are upper floors as well as a basement. It is proposed to convert the entire building to serviced offices.
The property does require extensive restoration work and this will be managed by our in house project management team. Continuing the company’s policy for refurbishment and restoration work to Grade II listed buildings we are firmly focused on sustainable development and our project team will work within the existing fabric of the building looking to enhance existing features by restoration and attempting to put undue stress on our natural resources.
We advised previously of the added commercial benefits in using existing quality materials that are often found in certain Grade II listed buildings, as the cost to restore can at times be much less than to replace, with the added benefit of providing a building of character with all the mod cons of the latest telecommunications and IT systems, that offers serviced offices of distinction. We intend to provide an environment to our clients of the highest quality.
In addition Your Space plc is currently in negotiations, which may lead to further purchases of Grade II listed buildings that require specialist restoration work and are suitable for use as serviced offices.
Further announcements will be made as appropriate.
