Liverpool skyscraper falls into administration

The tallest building in Liverpool, the long-troubled West Tower, has entered administration after the property crash took a heavy toll on its parent companies.

West Tower Liverpool and Mapfield properties have both been placed into administration with Grant Thornton, after falling property prices meant that the companies were unable to meet the bank borrowing obligations on the 40-storey building.

Joint administrator, Les Ross, said, however, that its was "business as normal" for the people who live in the skyscraper's 123 apartments and the businesses occupying the 12,000 square feet of commercial space on the lower floors.

The building was only completed in 2008, having been built by local developer, Beetham, but has been plagued by financial worries ever since. The administrators are now deciding what is best for the tower's future - whether it should be sold off as individual properties, or as a whole.

Mr Ross explained, "Over the coming days and weeks, we will be considering the most appropriate strategy for the site but it's worth saying that we recognise the value of West Tower and its unique position in the city."

The Panoramic restaurant on the 34th floor of the building is unaffected by the administration as it is owned by a separate company, and continues to trade as normal.

Share this article

Latest Businesses for Sale

View more businesses for sale