Liverpool’s West Tower enters administration
The business behind West Tower, the tallest building in Liverpool, has been placed in administration. The 40-storey building was completed in 2008 by developer Beetham and stands on Brook Street, overlooking the city's waterfront.
Les Ross and Martin Ellis of Grant Thornton were appointed as joint administrators of West Tower Liverpool yesterday. The Panoramic Restaurant, located on the 34th floor, will continue to trade normally as it is owned by different company.
West Tower has 123 apartments, 106 of which are let to tenants. A further 17 properties are either owner-occupied or in the process of being sold. The building also has around 12,000 sq ft of commercial space on the ground to fourth floor, which is available for sale or rental.
Ross said: “We’d like to reassure all existing and future occupants that West Tower will continue to function normally, with services provided by the present managing agent Braemar Group. It will be business as normal for the people who live in and use West Tower.
“Over the coming days and weeks we will be considering the most appropriate strategy for the site but it’s worth saying that we recognise the value of West Tower and its unique position in the city.”
Ross added that West Tower Liverpool had been affected by the fall in market values since the building was completed and had struggled to meet significant bank borrowing.
