The Walton comprises a period commercial building originally converted into a mix of commercial and residential accommodation and most recently extended with the construction of a rooftop extension to provide ten new build apartments.
The freehold building now comprises of ten substantially complete new build apartments on floors five to seven, with eighteen long leasehold apartments and two long leasehold commercial units on the ground to fourth floor in the original building. There is also ground and basement level car parking.
During the construction of the rooftop extension, a roof leak resulted in water and associated damage to apartments on the floors beneath. Subsequently, following an inspection by Mersey Fire it was found that the residential element of the building was not Statutory Compliant and as a result, it was necessary for all residential occupants to vacate.
In light of this non-compliance, essential fire compliance works are required to the communal areas and all apartments prior to occupation. These works are the responsibility of the purchaser.
Location
The Walton is located on the corner of Tithebarn Street and Vernon Street in the heart of Liverpool City Centre, within 5 minutes walk of Moorfields Station.The property is within the Business District and the immediate surrounding area is a mixture of offices, apartment developments and retail. Birkenhead and Wallasey Tunnels are easily accessible, as is the M62.
Accommodation
PLANNING - The property has the benefit of the following planning consent, Application No:19F/2059:
To remove existing part single/part two storey penthouse roof extension and replace with part two storey/three storey roof extension to provide an additional 8 apartments (10 total)
Further details are available via the Liverpool City Council planning portal.
Terms
TENURE & TENANCIES INFORMATION - The property is held freehold, subject to 18 long leasehold residential tenancies and 2 long leasehold commercial tenancies:
- The current ground rent income from the 18 residential tenancies is £4,260.72 p.a., subject to RPI rent review.
- The annual ground rent income from the commercial element is £310 p.a., subject to RPI rent review.
There are six car spaces demised with the commercial element and thirteen to long leasehold apartments.
VAT - All figures quoted are exclusive of VAT.
PRICE - Unconditional offers are invited.
LEGAL COSTS - Each party will be responsible for their own legal costs.
Specification
- Attractive eight storey Period building in prime City Centre location.
- Ten new build apartments, substantially complete in rooftop extension, plus basement car parking.
- Ground rent income from eighteen apartments and two commercial units previously sold within the original period building.
- Requirement to complete new build apartments and undertake outstanding statutory compliance works throughout the building, prior to occupation.
- Best offers invited by 31 July 2024.