Global legal practice Squire Sanders has advised Ingenious Investments on the acquisition and redevelopment of the Grade-II listed Royal Insurance Building in Liverpool, which is set to become a 116 bedroom, four star hotel.
Built in 1903, the landmark building in the heart of Liverpool city centre has been empty for 20 years and has been on the English Heritage Buildings at Risk Register since 2005.
A team from Squire Sanders in Birmingham led by Melanie Williams and Jon Stevens, partners in the firm’s real estate fund practice, advised on all stages of the transaction. This included advising on the fund structure and acting on the property lease agreements, construction, commercial and banking arrangements. They were assisted by David Adams (banking) and Paul Anderson (financial services).
Dylan Jones, who led the transaction for Ingenious, commented: “This is a fascinating and important project and we are very proud to play a part in helping to ensure that this remarkable building will finally be transformed into the grand and dramatic hotel that the location warrants. It proved a complex and challenging transaction that simply would not have been possible without the tireless support and guidance of Melanie, Jon, David and their excellent team.”
Jon Stevens commented: “This was a complicated transaction involving the use of property funds and Business Premises Renovation Allowance, which was critical to obtaining the investment needed to secure and preserve this at-risk building. We are pleased to have played a key role in bringing a landmark building back into commercial use, which will have a positive impact on the local community.”
Over the past five years Squire Sanders has advised on transactions involving the use of Business Premises Renovation Allowances with a combined value of over £300 million.