Member Article

Cavern Walks sale price confirmed at £4.125m

London auction house Allsop has confirmed that Liverpool’s Cavern Walks, including the world famous Cavern Club, has been sold for £4.1m.

The Mathew Street development, which also includes seven floors of office space, was put up for auction last month with a guide price of £1m, following the collapse into administration of the centre’s owners, Estate Holdings.

At the sale, the centre went for £4.1m to an unnamed Lancashire-based development company.

Cavern Walks offers 23 retail units and 80,000 sq ft of office space currently occupied by insurer Direct Line, which is due to move out next year when it shuts its Liverpool operation.

The auction followed The property was auctioned by Allsop Commercial, acting for Philip Bowers and Neville Kahn of administrator Deloitte.

The Cavern Club is not affected by the sale which involved the freehold of the entire building, including the club, retail space and offices.

Allsop partner and auctioneer, Duncan Moir, said : “It was a remarkable day. The atmosphere was at times electric, with bidders competing with considerable enthusiasm. There is clearly plenty of demand in the market which is unsatisfied, particularly for quality income in quality locations. This is starting to spread outside the core areas to the regions, which is most encouraging.”

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