Watling to sell attractive apartment block near Liverpool’s famous Cavern Club

This is in addition to a potential ground rent income of more than £24,000 per annum from the 69 apartments already sold. 

The six-storey property has an additional two basement floors which have previously had consent for the development of an apart-hotel. 

Ian Whittaker, a director in Watling’s Manchester office, said: “This property provides an excellent opportunity to create significant value through intensive asset management. 

“The upper floors are largely complete, while the apartments on the ground floor are mainly at first fix stage. 

“Of the 96 apartments in the block, 27 remain within the freehold interest and 69 have been sold, offering a potential ground rent income of £24,150 per annum. 

“We are now inviting unconditional offers for the freehold interest in this property, which includes the unsold 27 apartments. 

“There is also scope by separate negotiation to re-acquire the sold leasehold units for full control of the asset. 

“We have direct contact with the leaseholder group and understand that the significant majority of leaseholders are receptive to negotiating a sale of their interest in the property. 

“There is an additional potential for apart-hotel on two basement floors, subject to full planning permission.” 

Colonial Chambers was originally built as a warehouse unit, later converted to offices before its more recent conversion to 96 residential apartments. 

The property has 18 units on each of the ground and first three upper floors, with another 12 apartments on each of the top two floors. 

The six-storeys have a total of 28,995 sq ft of space, with two additional basement levels extending to another 7,473 sq ft. 

Temple Street is in the heart of Liverpool city centre and connects to both Dale Street and Victoria Street, which host a healthy mixture of commercial, leisure, residential and retail properties. 

The famous Cavern Club is approximately 150 metres away, and Liverpool Docks is approximately half a mile to the west. 

Chris Walker and Andrew Foster of Watling Real Estate have been appointed joint fixed charge receivers of Colonial House, which is now being marketed for sale by Watling’s Manchester office. 

Further details are available from Mr Whittaker at ian.whittaker@watling.com or Dan Edmundson at daniel.edmundson@watling.com