QSix REF has provided €46.3m (£40m) construction and inventory facility to fund the Tobacco Warehouse residential development at Stanley Dock in Liverpool. Stanley Dock Properties Ltd is carrying out the redevelopment of the entire Stanley Dock which includes the Grade II-listed Tobacco Warehouse, an iconic Liverpool landmark.
Planned in three phases, this ambitious and unique development is converting the 1.4 million ft² heritage building into 538 residential apartments and approximately 100,000ft² of ground-floor commercial space. The project is at the heart of the city’s most ambitious regeneration programme in an area being transformed into a thriving new creative neighbourhood, known as the Ten Streets. Its regeneration commenced with the multi-award-winning Titanic Hotel at Stanley Dock, adjacent to the planned new Everton Football Club stadium.
At the time of its construction in 1901, Tobacco Warehouse was claimed to be one the world's largest brick buildings. The 14-storey building has a gross internal area of 32 acres and its construction used 27 million bricks, 30,000 panes of glass and 8,000 tons of steel.
The QSix REF loan will complete Phase 1 of the Tobacco Warehouse into 192 apartments and 28,557ft² of ground-floor commercial space and basement car parking. The first occupants of this historic building will move in over the summer months. With sizes ranging from 980 – 2725ft², Tobacco Warehouse offers split level loft apartments and penthouses, with exceptional waterfront views.
Gareth Williams, Head of QSix REF, said: “We are delighted to provide this loan and support the re-development of a truly unique building that forms part of Liverpool’s heritage. This loan will fund the completion of phase 1 and will offer state-of-the-art facilities for future use. This transaction demonstrates our ability to underwrite and structure complex transactions, tailored to meet the ever-changing requirements of our clients and delivering above-average risk-adjusted returns for our investors. We are pleased to work with reputable developers like Stanley Dock Properties and to have closed this transaction in a short time frame.”
Patrick Power, Director at Stanley Dock Properties Ltd, commented: “We are delighted to confirm that QSix REF has recently completed the funding of our regeneration of the Tobacco Warehouse at Stanley Dock, Liverpool. As one of the largest heritage to residential building conversions in UK history, Tobacco Warehouse is a major landmark for Liverpool city and we are excited to be transforming this monumental building into amenity-rich, residential and commercial space while preserving the charm of the original architecture. We are immensely proud to be delivering a revitalised Tobacco Warehouse – a building that sits proudly at the heart of Liverpool's docks – and this will be a catalyst for the regeneration of the wider area. It was a pleasure working with the professional team at QSix who demonstrated dedication and flexibility allowing us to close this transaction. We look forward to doing more business with QSix in the future.”