Liverpool luxury flats fail to tempt buyers

May 8 2008 Barry Turnbull, Liverpool Daily Post

LIVERPOOL’S city centre property market is facing a growing crisis, with prestige developments struggling to sell.

Beetham’s landmark West Tower is fighting to find buyers, and nearby St Paul’s Square has sold just five out of 50 luxury flats.

Down the road, in Old Hall Street’s Albany Building, there are still 68 vacant properties following its collapse into administration last year.

With markets continuing to remain jittery, it paints a grim prospect for the city’s residential property sector.

The biggest mystery surrounds the West Tower, especially as it was reported a year ago that one-third of the 116 apartments had been sold off-plan and that the rest were being held back.

Documents at the Land Registry, in Birkenhead, show just nine flats in the 40-storey building were subject to contracts in 2005. Since then, no further information about sales has been registered, and they are meant to be filed within three months of completion.

Beetham has declined to respond to attempts for a comment, and their bankers, Anglo Irish, refused to make a statement.

However, there are some apartments being offered for rent on free websites which indicates some sales have been made.

Estate agent Martyn Green, of King Sturge, said: “We know the market is facing a difficult time and I expect there to be casualties. However, I’m also confident the prime, quality schemes and quality agents will survive and continue to prosper.

“Some developments face their own particular problems. West Tower, for instance, has no parking and that will be a big consideration for many people.

“St Paul’s Square was marketed at owner- occupiers specifically, but the development is ongoing and the people looking to occupy like to see the finished product. When that happens, sales will pick up.

“We are dealing with One Park West (connected to the Grosvenor project), which is going extremely well, so it is not all bad news. The flip side also is that there are some keenly priced properties out there and agents will continue to be busy as the rental market grows.”

Manchester businessman Guy Codling, who is one investor at West Tower, said: “I don’t know how many sales there have been, but I’m sure there are completions going through. I’ve got some tenants in.”

“Sometimes it takes a while with these tall building developments and West Tower is a fantastic addition to what Liverpool has to offer. I think we should remain positive about prospects for the city.”

More than 100 apartments have been created on floors five to 39 of West Tower, with a luxury penthouse reportedly valued at £1m.

Beetham public relations spokesperson Marion Hardman said: “They don’t want to talk about this.”

IS THE city centre property market giving you cause for concern? Log on to www.liverpool dailypost.co.uk/makethenews and have your say in our online survey.