Top 20 business law firm DWF has advised Liverpool City Council on its acquisition of the iconic Cunard building from Merseyside Pension Fund, in a move which is set to deliver massive savings and income for the authority.
Liverpool City Council has acquired the leasehold of the Grade II listed building at Liverpool’s Pier Head as part of a cost-saving scheme which will see some Council staff relocate to the site. The move will cut the Council’s accommodation costs by approximately £1.35 million per year and up to £1.75 million of income will be generated per year from renting out spare office space. The income generated by the move means the Council expects to see a return on its investment within 10 years.
Joe Anderson, Mayor of Liverpool, commented: “This is a really important deal for the City Council which will save us a significant amount of money, reduce the number of sites we occupy in the city centre and create a new income stream which can be ploughed back into delivering important services. The building is located on our world-famous waterfront and we will be maximising its potential as a location for receptions, exhibitions and cultural events.”
Julie Simms, real estate partner at DWF in Liverpool, added: “Liverpool City Council is a longstanding client and it has been a pleasure to support them on such an important transaction. The Council has exciting plans for the future of the Cunard building and it will be great to see these come to fruition.”
Julie was supported on the deal by Laura Fleet in the real estate team, employment partner Mark Hammerton and commercial partner Paul Attwood.
The Cunard building is occupied by a number of local and national companies, with 110,000 sq ft of space currently available to let. Merseyside Pension Fund was represented by CBRE and Brabners.