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Latest News

Edmund Kirby handle 300,000 sq ft Liverpool office sale - Jan 2008
Property developer Bill Davies through one of his companies sold his remaining interest in Liverpool’s Exchange Flags office complex in August 2007. Last year Mr Davies sold part of Exchange Flags, the 160,000 sq ft Horton House and has now sold the 300,000 sq ft Walker House in a multi-million pound deal. Mr Davies also sold the Post Office site in Whitechapel for the Met Quarter designer shopping centre by Milligan.

It is reported the Horton House transaction was worth around £17m so given the relative size of the two buildings, Walker House may have been sold for significantly more. The purchasers are to spend £15m refurbishing Walker House and have an agreed pre let with the Ministry of Defence for 70,000 sq ft of office space. Around 600 MoD financial management staff will move to the building in late 2008 from nearby Mersey House. £7m has recently been spent on the refurbishment of Horton House, part of which has been let to a top Liverpool law firm.

The deal also secures the future of the Western Approaches war museum which housed the Battle of the Atlantic control centre during World War II and was probably one of the most important locations in the country’s naval history. Currently an operational museum it recognises the crucial operations of the Battle of the Atlantic and is a tribute to the important role of the city and the building in World War II.

Jim Gill, chief executive of Liverpool Vision was reported as saying “It is impossible to overestimate the importance of a vibrant, fully functioning Exchange Flags to the health of the commercial district and the working of the city because it is such a crucial link between the expanding business quarter around Old Hall Street and the Liverpool One shopping area. The Ministry of Defence’s decision to relocate to Walker House confirms that success and will no doubt help attract other high profile occupiers to the development”.

Charles Hubbard Managing Partner of Edmund Kirby who advised Mr Davies and his company Exchange Flags Properties Limited on both the Horton House and Walker House sales adds “This is a very major confirmation of the new found commercial and investor confidence in Liverpool’s city centre. The transactions reflect optimistic assumptions as to rents and yields and high ratio of basement car parking in the building. Bill Davies’ vision of the potential to bring the whole building back into use can now be realised.”

Edmund Kirby have been retained by UK Land to manage the building.