Transforming a Grade II Listed Bank into Luxury Apartments and a High-End Restaurant in Liverpool with a Refurbishment Loan
Project Overview
Phoenix Money was approached by a North West-based developer seeking a development loan. The project involved the transformation of a Grade II listed former bank in the heart of Liverpool.
The borrower’s vision was to convert the historic building into:
- 10 bespoke duplex and triplex apartments on the upper floors, centred around an elevated courtyard.
- A ground-floor commercial space leased to a well-known restaurant and bar brand.
- A reconfigured basement housing a commercial kitchen, back-of-house areas, and facilities for restaurant patrons.
Challenges
The borrower needed timely funding to move the project forward. The historic status of the property required careful planning to meet refurbishment standards and regulatory requirements. Managing both residential and commercial elements in one property also demanded a specialised loan. The requested amount was just under £3 million.
Phoenix Money’s Solution
Phoenix Money provided crucial support at a critical stage. After completing due diligence, we approved the refurbishment loan within days. Our privately owned and funded structure allowed for fast, flexible decision-making, enabling the borrower to proceed without delays.
The Refurbishment Plan
Residential Conversion: The upper floors were designed to blend modern living with historic charm, featuring high ceilings, original architectural details, and access to an elevated courtyard.
Commercial Space: The ground floor hosted a well-known restaurant and bar, creating a vibrant commercial hub, while the basement was redesigned to accommodate a commercial kitchen, back-of-house, and patron facilities.
Results
The project was successfully completed, transforming the historic Liverpool building into a stunning mixed-use development. The borrower’s vision was fully realised, delivering high-end residential units alongside a prime commercial space that complemented the surrounding area.
Manish Gambhir, Managing Director of Phoenix Money, reflected: “It was exciting to see the project evolve, especially upgrading such a beautiful, listed building. Being from Liverpool, I had walked past the property countless times, so witnessing its transformation firsthand was a real pleasure.”
Key Takeaways
- Speed and Flexibility: Our ability to act quickly ensured the project could move forward without delay.
- Expertise in Complex Projects: With experience in dual-use developments and listed buildings, we helped the borrower achieve their goals seamlessly.
- Long-Term Relationship: The success of this project has led to multiple referrals from the borrower, strengthening our ongoing partnership.
