Gresham House, UK property investment company, has confirmed that it has lost contact with the proposed buyer of Speke Boulevard in Liverpool. The British investor announced in September that it had signed non-binding heads of terms with an unnamed party the for sale of the building. The purchase price was set at £61 mln (EUR 87 mln) or 85% of market value - whichever was higher, conditional upon planning permission being granted for change of use of the premises to A1 retail.
Gresham House, UK property investment company, has confirmed that it has lost contact with the proposed buyer of Speke Boulevard in Liverpool. The British investor announced in September that it had signed non-binding heads of terms with an unnamed party the for sale of the building. The purchase price was set at £61 mln (EUR 87 mln) or 85% of market value - whichever was higher, conditional upon planning permission being granted for change of use of the premises to A1 retail.
The next step was to have solicitors draw up a formal contract, Gresham said. But the company has not been able to contact the proposed buyer since September. Noting that the buyer had failed to respond to several letters, Gresham House said it suspects that the company had withdrawn from the transaction. A spokesperson for Gresham House said on Monday that marketing of the asset would have to be restarted if the unnamed company does not make contact.