Crossfield Group in a joint venture with Exclusive Investments has completed on the £2.1million purchase of Birchen House in Birkenhead.
An additional £1million will now be invested into the Hamilton Street scheme by the developer to convert the stalled five storey building in to 62 studio, one and two bedroom luxury apartments.
Contractor Crossfield Construction Ltd, a division of joint venture partner Crossfield Group, has begun works on the newly named Mersey View Residence with construction expected to take approximately six months. The building will undergo a full new M&E installation along with associated fit out and interior works.
The apartments are set to be released for sale immediately priced at between £64,000 and £140,000. It is expected they will be purchased by a range of buyers including local owner occupiers, and investors. Formerly used by HMRC, the building still retains some parts of the original Grade II-listed Pier Hotel dating back to the 1880’s, which will be restored.
The property benefits from excellent transport links with its location situated adjacent to Hamilton Square Station which connects to Liverpool in a matter of minutes; It is a five minute walk to the Woodside Ferry Terminal, and a 10 minute drive to the M53 connecting Birkenhead with the rest of the Wirral and the wider motorway network.
David Cain, director of Crossfield Group, said: “We are delighted to have completed on the sale of Birchen House with Exclusive Investments. We identified the scheme as a great opportunity to add value and provide a return for our investors, while also helping to kickstart the regeneration of this often overlooked part of Merseyside.
“Having our own construction arm available to deliver the works has ensured we could commence construction immediately. It was always our intention to turn the scheme around swiftly due to how long it has been stagnant. As a local employer, we have committed to a fully local supply chain which further contributes to the towns local economy and ongoing regeneration.
“We are extremely pleased at the initial interest in the apartments and expect them to sell quickly.”
Vincents Solicitors expedited the deal for the developer and has now been appointed to act on the sale of the apartments. Commercial Director Ross Wellman said: “Birchen House is a particularly impressive investment and the team of Crossfield Group and Exclusive, along with Crossfield Construction has the expertise to really deliver on the vision. There’s a real buzz about Birkenhead and we’re confident the apartments will prove popular with buyers, especially anyone wanting to take advantage of the commuter links into Liverpool, living 10 minutes from the centre for a fraction of the price of a similar sized property over the river.”
Funding for the Birchen House acquisition was brokered by Watts Commercial. The apartments are on the market with Marshalls Estate Agents.
“We have committed to a fully local supply chain which further contributes to the towns local economy and ongoing regeneration.”