Moorfield Group (Moorfield), on behalf of the Moorfield Real Estate Fund III (MREFIII), has acquired the former H.M. Customs & Excise building at Queens Dock in Liverpool. The landmark office complex will be transformed with approximately £30 mln (approx. €37.4 mln) of investment to create 240 luxury waterside apartments, which will be marketed to the private-rented sector (PRS) and is scheduled for completion in September 2015.
Moorfield is working with Glenbrook Property who will act as MREF III’s development partner in delivering the scheme. The investment will contribute to the ongoing rejuvenation of Liverpool’s waterfront, which is being further transformed through the delivery of a world class Exhibition Center and an upscale 216 bed Pullman hotel on the adjoining site that is also scheduled to open in 2015.
Charles Ferguson Davie, Chief Investment Officer at Moorfield said: “Queens Dock offers an excellent opportunity to redevelop a unique building on the waterfront district of Liverpool. We intend to participate in the continued regeneration of the area, creating one of Liverpool’s best residential schemes that will bolster the supply of quality apartments in the City. This is a landmark asset in Liverpool’s thriving City center and part of a larger strategic push into the PRS sector for funds managed by Moorfield. Works will begin immediately, underlining our commitment to this scheme and the City of Liverpool.”