QSix REF has announced the completion of a £40 mln (€46 mln) construction and inventory facility to fund the Tobacco Warehouse residential development at Stanley Dock in Liverpool.
Stanley Dock Properties is carrying out the redevelopment of the entire Stanley Dock which includes the Grade II-listed Tobacco Warehouse, an iconic Liverpool landmark.
Planned in three phases, this ambitious and unique development is converting the 1.4 million sq ft heritage building into 538 residential apartments and 100,000 sq ft of ground floor commercial space. The project is at the heart of the city’s most ambitious regeneration programme in an area being transformed into a new creative neighbourhood, known as the Ten Streets.
At the time of its construction in 1901, Tobacco Warehouse was claimed to be one the world's largest brick buildings. The 14-storey building has a gross internal area of 32 acres and its construction used 27 million bricks, 30,000 panes of glass and 8,000 tons of steel.
The QSix REF loan will complete Phase 1 of the Tobacco Warehouse into 192 apartments and 28,557 sq.ft. of ground floor commercial space and basement car parking. The first occupants of this historic building will move in over the summer months.
This is the third transaction completed by QSix REF in 2021. It follows the provision of a £19.1 mln acquisition facility to David Samuel Properties as well as a £13.5 mln refinancing of a luxury London hotel.
Gareth Williams, head of QSix REF, 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. This loan will fund the completion of phase 1 and will offer state-of-the-art facilities for future use.’
