One of Liverpool's most iconic buildings has been bought for more than £27m following a competitive sale process that attracted strong interest from around the world.
Downing has reached agreement to sell the Port of Liverpool Building (pictured), one of Liverpool's Three Graces and a central part of the city's UNESCO World Heritage Site listing. The property is being acquired by an unnamed investor for a fee in excess of £27m.
Downing acquired the building in 2001 and subsequently spent £8.5m restoring the property, which sits alongside the Cunard Building and the Royal Liver Building on the waterfront.
Cushman & Wakefield acted for the vendor, and Bilfinger GVA and Cew Capital acted for the purchaser.
Ann Lodge, chief executive of Downing, said: "We invested heavily to restore the Port of Liverpool Building to its original glory and to bring it up to grade A-equivalent standard. Our multimillion-pound programme of works to refurbish and modernise the building will help to ensure it retains its place in the city's architectural legacy for many decades to come.
"The sale process was incredibly competitive, with strong international and domestic interest. This is a great sign for the Liverpool property market and shows that the city is firmly on the map for international investors.
"We're delighted to have an agreement in place and look forward to finalising this process before the end of the year. The sale will put us in a strong position to continue to grow the Downing brand and acquire more prime UK sites for investment and development."
Designed by architects Sir Arnold Thornely and FB Hobbs and constructed by William Brown & Son, the Port of Liverpool Building was built to house the headquarters of the Mersey Docks & Harbour Board (MDHB). Work began on the building in 1904 and it was completed in 1907 at a cost of approximately £350,000.
MDHB continued to occupy the building before moving out in 1994. The property now has a number of business occupiers including stockbroker Rathbone Brothers.