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Glaisyers Solicitors advises on funding package to purchase Liverpool landmark

Glaisyers Solicitors advises on funding package to purchase Liverpool landmark

"Liverpool is home to some of the most stunning architecture in the UK and was a natural choice for the next stage in our expansion."
Charles Rhodes

Glaisyers Solicitors has advised property developer TRG Liverpool Limited on a funding package that has enabled it to complete the acquisition of a landmark apartment building in Liverpool City Centre.

Manchester and London-based Glaisyers’ corporate team, led by Head of Corporate Akbar Ali, provided advice that enabled TRG Liverpool to secure a seven-figure package from a specialist offshore lender to fund the purchase of The Walton Building on Tithebarn Street in Liverpool’s commercial district.

Taylor Rhodes Group (TRG) now plans a complete refurbishment of the vacant building, which currently houses 20 residential apartments. It is also seeking planning permission to add an additional storey to the Art Deco landmark, housing a further six apartments.

The refurbishment project is scheduled to take 30 weeks to complete, with the construction phase expected to take a further 12 weeks. The resulting apartments will be sold off-plan, and a number have already been purchased by investors.

TRG is owned by Alex Taylor, Charles Rhodes and Allan Stables. Mr Taylor and Mr Rhodes established a property development business in Manchester in summer 2018 that has since completed the ten-apartment Brooklyn Lofts scheme in that city’s Ancoats district.

It has also sold off-plan all the units at its 37-apartment Union Square development, currently under construction in Manchester’s Northern Quarter. The business has now expanded into the Liverpool market.

Glaisyers’ corporate advice to TRG included work on the loan agreement, a suite of security documents and a restructuring of the company’s shareholding. A multi-disciplinary team from the firm, including associate Hannah Vachre and equity partners David Marlor and David Jones, is also providing ongoing commercial advice to the business.

Charles Rhodes, director at TRG, said, “Liverpool is home to some of the most stunning architecture in the UK and was a natural choice for the next stage in our expansion. I’m so glad we have got this deal over the line – The Walton is an iconic building and we are going to create something really special here while treating the property with the respect it deserves.

“Since becoming involved, Glaisyers’ advice has been professional and proactive and they have, throughout, instilled us with the confidence that they are on top of their brief and have all angles covered.

“We are currently working with them on a number of other matters and have been impressed by their attitude and attention to detail. It’s still relatively early days but based on our experience to-date I am looking forward to a long, mutually rewarding relationship.”

Akbar Ali joined Glaisyers Solicitors as Head of Corporate in autumn 2018 and has since grown the department from two to six, with headcount planned to rise to ten by the end of the financial year.

He said, “Charles, Alex and Allan are a great team who are building a fantastic business. It’s my pleasure to be part of a project that is contributing to the ongoing regeneration of Liverpool and renaissance of its city centre.

“When I joined Glaisyers last year part of my brief was to ‘join the dots’ between the specialists at the firm, and this project for TRG provides us with a successful case study for continued success in this area. The funding package gave us plenty of interesting, complex banking work for the corporate team to get our teeth into and the wider firm is also working on a number of ongoing projects with them, advising on a range of matters.”

The Walton Building on Tithebarn Street, near Moorfields Station, was originally known as the Hornby House and dates back to the 19th Century. It has a striking façade and is is one of the few surviving Art Deco landmarks in Liverpool.

The property was originally used by WH Smith as one of its main national distribution centres. In the early 1900s it was acquired by the Oak Co-operative Building Society and used as offices until around 1970 when it was acquired by Liverpool Polytechnic and used as its Humanities and Social Studies library. It was converted into apartments in the 1990s.

David Marlor, Head of Property at Glaisyers Solicitors, said, “Liverpool currently has the fastest-growing economy of any non-capital UK city and is in the midst of a regeneration programme valued at some £14bn. I’m really pleased that we have been able to help TRG play their part in this regeneration story and look forward to seeing their project complete and bear fruit, both for them and the investors who are lucky enough to secure one of their apartments.”