The development is set to begin in Q4 of 2018 with an estimated project timeline of twelve months to practical completion, this will include the sensitive restoration of the existing building with an additional, contemporary, three floors to be added. The hotel will be fully operational within the specified timeframe as will the Wolf & Lamb bar and grill.
All of the professions engaged on the project have a historical working relationship with Living Brick Ltd. In terms of the design element we are working with Adam Morgan of Studio RBA, structural engineering is provided by Kevin Lockley of PKL, Marc Murray of Taurus Construction will project manage the scheme and provide monthly construction updates. As a hands-on developer we are totally invested in our schemes; our relationship to investors invites an opportunity to liaise directly if required, be this with an arranged site visit or pre arranged meeting.
The investment provides two payment options, in both cases you reserve your desired unit with a £5,000 reservation fee. Option 1 is to purchase a unit in its entirety at 100% with the 10% yield, paid quarterly in arrears, from exchange. Option 2 is to deposit 25% on exchange with a further 25% payable 3 months later and the final balance to be paid on completion – the 10% yield payment will then be paid quarterly in arrears on completion.
As an investor you will own the title deed to your specific unit, this will be registered in your name at the Land Registry. On practical completion you will be given a first legal charge over the building, Living Brick Ltd will retain both the freehold interest and the long leasehold interest in the ground and lower ground floor commercial space. As an owner operator, Living Brick will be invested in the operational management of the hotel as well as the commercial element of the building.
Living Brick Ltd will retain TQ Property Lawyers to act on our behalf given our historical relationship and their expansive knowledge in structuring previous similar sales. We will advise buyers to retain MSB Solicitors, given the complexity of this specific purchase process and their expertise in this field. Whilst buyers may have a preference for their own legal advisor(s), the difficulties of large numbers of lawyers acting on behalf of buyers elongates the process and cost. MSB Solicitors acting on behalf of buyers is merely a suggestion, given our previous experience and a desire to expedite matters.
No stamp duty is payable on purchase, the same applies to ongoing commitments such as management charge or ground rents which you would associate with more traditional residential investments. As an ‘armchair investor’, your yield is paid quarterly in arrears net at 10% pa. The ROI is not based on the occupancy level of your suite but on the hotel as a complete entity providing a secure quarterly return.
Liverpool city centre has been experiencing unparalleled levels of tourism over the last decade culminating in our highest occupancy levels to date. We currently have less than fifteen hotels described as “boutique” with demand consistently outstripping supply. We have designed a unique concept which will provide flexible accommodation in a vibrant, atmospheric setting within the most coveted location in the city. We are currently in talks with a range of partners who are eagerly anticipating the opening of the hotel including Liverpool City Council.
This will be the first boutique hotel in Liverpool’s Baltic Triangle, the single most talked about area in the city at the moment. Unique in design within a beautiful historic building, its elegant facade will discreetly house an eclectic, visually stimulating urban retreat. A meeting hub by day to service guests and visitors will meld into a Michelin level eatery by night with an atmospheric basement for privacy.
We are invested, now it’s your turn…