Harcourt bags £40m Tobacco Warehouse funding
Real estate lender Qsix is providing finance to complete phase one of Harcourt Developments’ mixed-use conversion of the 1.4m sq ft Liverpool building.
The first phase of the Stanley Dock project comprises 192 apartments and 28,500 sq ft of ground floor commercial space. Construction is underway and the first residents are expected to move in this summer, following the agreement of the £40m facility from Qsix Real Estate Finance.
Overall, Dublin-based Harcourt’s Tobacco Warehouse project is to deliver 538 apartments and 100,000 sq ft of ground floor commercial space across three phases.
“We are immensely proud to be delivering a revitalised Tobacco Warehouse,” said Patrick Power, director at Stanley Dock Properties, Harcourt’s delivery vehicle.
“As one of the largest heritage-to-residential building conversions in UK history, Tobacco Warehouse is a major landmark for Liverpool and will be a catalyst for regeneration of the wider area.”
The grade two-listed 14-storey building was built in 1901 and is thought to be one of the largest brick buildings in the world.
The Tobacco Warehouse was built in 1901
Tobacco Warehouse falls within the Ten Streets regeneration zone, a 125-acre area of docklands earmarked for redevelopment into “creativity district” featuring 1m sq ft of development.
Other emerging schemes on Liverpool’s historic docklands include Peel L&P’s £5bn Liverpool Waters and Everton FC’s new 53,000-capacity stadium at Bramley-Moore Dock.
Gareth Williams, head of QSix, said: “We are delighted to provide this loan and support the re-development of a truly unique building that forms part of Liverpool’s heritage.”
The project team for the Tobacco Warehouse project includes main contractor Abercorn Construction, and architect Darmody Architecture.
Wow! This is amazing news! More funding for redevelopments, the better
By David
Are they building more office’s? We need more so we can have more good jobs for youngster’s. I like the office’s they are building on the Wirral!!
By Mary Woolley
It`s good news for this fantastic project and this much loved building , hopefully onwards and upwards towards completion.
Much of the work is done carving out the centres of the 3 sections of this structure to create the atriums, in the same way as was done in similar massive old dock warehouses in Marseille near the ferry port. So much potential in this North docks area with the 10 streets , Everton stadium , and waterfront apartments and leisure.
By Anonymous
Great to see further investment, the scale of this undertaking can’t be underestimated, the building is huge. In context the shard is just over 600,000sqft, this is over twice the size. Hopefully with stadium progress, further ramping up of Liverpool waters and Ten Streets we will continue to see accelerated progression.
By L17
Glad to see this further investment. The area is now booming torus doing big development by the locks opposite the titanic… new hotel and obviously the Everton stadium…. lot more to come I expect. Re above comment re new offices yes essential Liverpool moves on with the pall mall scheme…. best of luck to the Wirral but hard to see the office demand over there .
By George
Not thought to be. It is the largest brick warehouse in the world.
By Jerry