Office to Hotel Conversion Shankly Hotel Liverpool
Focus Commercial arranged rapid bridging funding for their client to this former Liverpool Council Office building named Millenium House was developed into a 125-bedroom hotel situated in the heart of Liverpool city centre.
The hotel is based upon the legendary football player and manager Bill Shankly. The hotel comprises of 125 bedrooms, the popular Bastion Bar & Restaurant, two events suites, two roof top terraces and secure underground car parking for 111 spaces.
What we did
The developer client had an opportunity to purchase this former local Liverpool City Council building in the heart of Liverpool City Centre.
The developer however was short of deposit funds for this fantastic opportunity to develop the site into a football themed Hotel.
Focus structured finance on the freehold and leasehold of the property secured with rapid acquisition bridging funding.
Focus structured the purchase by splitting the existing building Millenium House into 4 different parts, comprising of the Shankly Hotel, Car Park, Gymnasium and Offices.
Focus then advised the client to set up 4 separate leaseholds on 999-year leases for the 4 different parts, comprising of the Shankly Hotel, Car Park, Gymnasium and Offices.
Focus then advised the client to set up 4 separate SPV Ltd companies to hold the 4 leaseholds on 999-year leases for the 4 different parts, comprising of the Shankly Hotel, Car Park, Gymnasium and Offices.
Focus then advised the lender to obtain 4 separate valuations for the 4 separate leaseholds on 999-year leases for the 4 different parts, comprising of the Shankly Hotel, Car Park, Gymnasium and Offices.
The aggregated valuation of the 4 separate leaseholds doubled the valuation figure, which enabled the purchase to go ahead on the same day as the restricting of the 4 leaseholds.
The developer obtained the full 100% funding to purchase the site with no deposit monies.
Development guidance, expertise and services we provided:
