Property giants to invest £300m

Jul 18 2007 by Tony McDonough, Liverpool Daily Post

Liverpool's famous but ever changing waterfront viewed from Woodside _320

TWO of the North West’s biggest property companies are to embark on a spending spree in Liverpool worth almost £300m.

Downing, Liverpool’s biggest commercial landlord, and Manchester-based Bruntwood intend to significantly increase their office space portfolios.

The two companies between them already control almost 2m sq ft of office space in the city centre and across Merseyside.

Downing already owns the Port of Liverpool Building and No 1 Old Hall Street. Last year it paid a record £51m for the former Royal and Sun Alliance headquarters which it has now renamed the Capital.

Three years ago, Bruntwood acquired the 350,000 sq ft former Littlewoods headquarters in Old Hall Street and in recent weeks it paid around £20m for the nearby Cotton Exchange complex.

But both firms are now hungry for further acquisitions. Downing has raised around £140m from the sale of its student accommodation and Bruntwood has also built up its own reserves of £150m which it intends to spend on properties across Merseyside.

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