6/10/2008 Refurbishment to capitalise on retail boom

Downing has announced a £1.4 million refurbishment project for two key office locations adjacent to the city’s Liverpool One (L1) retail centre.

The refurbishment of Graeme House and Victoria House, part of the property group’s £40 million investment in its city centre office portfolio, aims to build on the success of L1 and the ongoing public realm improvements in the area.

Some 33,000 sq ft of available office accommodation will be upgraded alongside common areas and facilities across the two buildings which front onto James Street and Derby Square.

Robin Ellis, senior agency surveyor at Downing, said: “Graeme House and Victoria House are ideally placed to meet the demand for back office space as retailers locate to L1. The area is also very popular with staff as it has excellent transport links and is in right in the retail core.

“The occupier market is holding up well and the credit crunch hasn’t changed the fact that businesses still expand, leases still expire and tenants are looking to achieve best value.”

Floors of 3,000 sq ft are available at Victoria House, and a variety of suites (from 2,159 sq ft up to a total of 29,783 sq ft) are available at Graeme House.

Stuart Keppie of Keppie Massie, agents for Graeme House, said: “These refurbishments offer tremendous value for occupiers and Downing has a first class track record of delivering impressive schemes. Liverpool One’s arrival will have an impact for office occupiers and we’re anticipating interest in the space which includes an opportunity for a street-level presence at Derby Square, which is due to undergo major public realm improvements. ”

Downing is Liverpool’s largest private commercial landlord with some 1 million sq ft of office accommodation in the city centre, including landmark buildings The Capital, the Port of Liverpool Building and No1 Old Hall Street.