Downing reveals plan for waterfront tower
Dec 5 2007 by Tony McDonough, Liverpool Daily Post
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LIVERPOOL property firm Downing is to build a 20-storey tower at The Capital city centre complex.
The new building will be constructed immediately adjacent to Royal & SunAlliance’s office block in Liverpool’s central business district.
The tower will be situated on the waterfront side of the office complex, recently renamed The Capital. It will include office space, apartments and a hotel.
Downing acquired the 300,000 sq ft building, known locally as the Sandcastle, in a sale and leaseback deal with Royal & SunAlliance in March 2006 for £51m – a record for a single office building in Liverpool.
Downing, owned by property entrepreneur George Downing, has since set about an extensive refurbishment of the premises, costing around £10m. This includes the refurbishment of existing office suites and installation of a new reception, a process that is now nearing completion.
Downing has appointed Glenn Howells architects to design the tower, although the project is subject to a feasibility study. Downing will bring forward a full planning application for the scheme in spring 2008.
Paul Houghton, the firm’s development director, said: “Glenn Howells put forward a
stunning proposal, which will enhance our ongoing plans to remodel The Capital as a modern, cosmopolitan business hub.
“We have always believed that The Capital offers massive development potential. It is a quality building in a superb location at the heart of the business district and overlooking the waterfront. We are working closely with the city council to bring forward a striking mixed-use scheme.”
A second phase of refurbishment work for The Capital was granted planning approval in June. That £13m project will add 18,000 sq ft of office space to the building and is set for completion by 2009.
Downing, owner of the Port of Liverpool Building, is Liverpool’s biggest commercial landlord and in July revealed it was hungry for more devel- opments and acquisitions after pocketing £140m after completing the sale of its student accommodation arm. Its portfolio includes Welling- ton Building on the Strand and No 1 Old Hall Street.
At the end of June George Downing picked up the Businessperson of the Year accolade at the Daily Post Regional Business Awards.
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