Delph Property Group recently purchased their second development in Liverpool, investing £9.6m in Orleans House, a Grade II* listed disused warehouse, to redevelop the site into 71 high specification apartments.
Delph acquired Orleans House from family-run office and retail space developer Bruntwood. Bruntwood was selling the six-storey site with full planning permission for 71 apartments and was also responsible for developing the scheme once Delph had acquired the building. Its sale became Delph’s second major purchase in Liverpool, following the acquisition of Liverpool’s tallest building in 2012.
Orleans House comprises eight studios, 15 one-bedroom, 45 two-bedroom and three three-bedroom apartments. Formerly a warehouse for Liverpool’s Cotton Exchange and until recently used as offices, Orleans House has a Grade II* listed façade and is located in the city’s bustling commercial district on Edmund Street, a 5-minute walk from Liverpool One, the main shopping district.
Delph and Bruntwood worked closely together to agree on the specification of the apartments and the design and fit out of the expansive communal areas. This resulted in a high-end residential building, restored to its former glory.
Throughout the construction process, Delph funded the building works which were completed by Bruntwood. Delph then retained the apartments, thereby removing substantial risk from Bruntwood.
At the time of Delph’s purchase, Colin Forshaw, head of property at Bruntwood, said:
As custodians of Orleans House for the past 14 years and having preserved its long-term future through a successful residential conversion, we felt this was the right time to hand over the reins to somebody new.
The building has such historical and architectural significance for the city and can now play a major role in creating a thriving residential community and night-time economy in this part of the commercial district.
Howard Crocker, managing director of Delph Property Group, said:
At Delph Property Group, we pride ourselves on the funding options that we can offer builders and developers and work closely with them to produce high specification investment properties in prime, city locations that provide the potential for a strong rental yield and excellent capital growth. Previous experience in Liverpool, with our purchase of West Tower, has confirmed it as a fantastic city to invest in.
Orleans House, Liverpool
If you have a residential or mixed-use scheme between 40-200 units in a UK city centre, we would be interested in acquiring it. We work together with builders and developers in a variety of ways, from paying large deposits of up to 50% to forward funding, which offers you cost savings and removes risk from your development.
If you’d like to know more about Orleans House, visit the website here.