Liverpool JMU made ?10m from sale of Hope Street buildings
LIVERPOOL John Moores University netted ?10m from the sale of buildings around Hope Street to a company later accused of ?hacking the front? off an historic former hospital.
The university refused to reveal how much Maghull Developments paid for the four buildings, including Josephine Butler House, a former hospital building dating back to 1867, and John Lennon?s old art school.
But documents obtained by the Daily Post revealed the company paid LJMU at least ?9.9m.
Land Registry documents showed Maghull Developments paid ?4.9m for Josephine Butler House, ?2.2m for the Hahnemann Building and ?2.8m for 68/70 Hope Street, John Lennon?s old art school.
The company also bought 2 Blackburne Place, but its price was not listed on Land Registry documents.
Under the terms of the sale, LJMU is leasing back the former art school until June, 2011.
A spokeswoman for LJMU said: ?For commercial reasons, the university leases a number of buildings as it refurbishes other buildings.
?We got a good deal for the buildings we sold to Maghull Developments, and we were satisfied it was the appropriate partner.
?We cannot impose anything on how it develops the buildings. It was a straight sale.
?The money went towards funding our arts and learning academy, which cost ?27m.
?This was about making sure the students and staff have the very best facilities.? continues...
