Member Article

Cavern Walks in Liverpool up for auction

The Cavern Walks Shopping Centre in Liverpool is to be sold at auction with a guide price of £1m – and could be turned into student accommodation.

The site in Matthew Street comprises of 23 shops, 80,000 sq ft of office space and a replica of the Cavern Club where artists such as The Beatles, Gerry and the Pacemakers and The Who once played.

It is being sold by Allsop auctioneers after its previous owner, London-based Warner Estate Holdings, went into administration.

The site generates a total current rent of £1.1m a year from high-profile occupiers including Vivienne Westwood, Cricket, The Cavern Club and Stonegate Pub Company.

Neil Mackilligin, senior partner for Allsop, said: “The upper floors becoming vacant over the next 12 to 18 months will create a number of new possibilities for the building. Alternative use for the space could include student housing, hotel, residential and offices.

“The guide price of £1m equates to circa £10 per square foot overall, which looks very attractive.“

The auction will take place at The Park Lane Hotel in London next month.

This was posted in Bdaily's Members' News section by Simon Malia .