Vincents supports £2m Merseyside acquisition
New client for commercial property team
Crossfield Exclusive Developments has completed the acquisition of Birchen House in Birkenhead for £2.1 million.
The five-storey part-converted residential block in Hamilton Street was acquired from the administrator with the support of Vincents Solicitors.
The developer is set to invest £1million to complete the stalled office-to-residential conversion, to create the Mersey View Residence, comprising 62 studio, one and two bedroom apartments.
Contractor Crossfield Construction has begun work on the newly named Mersey View Residence, with construction expected to take approximately six months. The building will undergo a full new M&E installation along with associated fit out and interior works.
The contractor is a division of Crossfield Group, one of the joint venture partners along with Exclusive Investments.
The apartments are set to be released for sale immediately, for between £64,000 and £140,000. It is expected they will be purchased by a range of buyers including local owner occupiers, and investors. Formerly used by HMRC, the building still retains some parts of the original Grade II-listed Pier Hotel which date from the 1880s, which will be restored.
The building sits opposite Hamilton Square Train Station and is just five minutes’ walk from the Woodside Ferry Terminal and a 10 minute drive to the M53 motorway.
David Cain, director of Crossfield Group, said: “We are delighted to have completed on the sale of Birchen House with Exclusive Investments. We identified Birchen House as a great opportunity to add value and provide a return for our investors, while also helping to kickstart the regeneration of this often overlooked part of Merseyside.
“Having our own construction arm available to deliver the works has ensured we could commence construction immediately. It was always our intention to turn the scheme around swiftly due to how long it has been stagnant. As a local employer, we have committed to a fully local supply chain which further contributes to the town’s local economy and ongoing regeneration. We are extremely pleased at the initial interest in the apartments and expect them to sell quickly.”
David Ayem, director of Exclusive Investments, added: “Birkenhead is at an exciting point in its history, with the advent of Peel’s Wirral Waters less than a mile from us and the Wirral Growth Company keen to welcome new investment. The building is ideal for town centre living, which is one of the aims for the revitalisation of the centre, as the location is fantastic and the views are incredible. Buyers can be enjoying at Liverpool’s World Heritage skyline from their apartment, and 10 minutes later be in the city itself looking back.
“The team at Vincents was invaluable in their support throughout this acquisition. There were time restrictions which had to be met in order to secure the investment and their swift turnaround was appreciated. They were knowledgeable and responsive, and we are pleased to be working with them for our corporate and commercial matters going forward.”
Vincents Solicitors expedited the deal for its client and has now been appointed to act for the developer on the sale of the apartments. Vincents is also assisting with a further two acquisitions in the Merseyside area.
Vincents Commercial Director Ross Wellman said: “There was pressure to complete quickly as there was understandably a lot of interest in the building. We pulled out all of the stops to help or client to secure the deal.
“Birchen House is a particularly impressive investment and Crossfield Exclusive Developments, along with Crossfield Construction, has the expertise to really deliver on the vision. There’s a real buzz about Birkenhead and we’re confident the apartments will prove popular with buyers, especially anyone wanting to take advantage of the commuter links into Liverpool, living 10 minutes from the centre for a fraction of the price of a similar sized property over the river.”
Funding for the Birchen House acquisition was brokered by Watts Commercial. The apartments are on the market with Marshalls Estate Agents.