THE iconic former offices of the Liverpool Echo and Daily Post newspapers have been sold to an overseas investor.

Paradigm Property Consultants, the Development Managers of Reach PLC, acting jointly with Savills, have sold the forward funding and mixed-use redevelopment of the landmark Post & Echo Building in Liverpool city centre to Dubai-based investor, Select Group.

The redevelopment, which is due for completion in January 2020, will create a vibrant new mixed use destination totalling approximately 300,000 sq ft (27,871 sq m) in the heart of Liverpool’s commercial district with two floors of Grade A office space.

Once complete, the Echo Building in Old Hall Street will also have a new four star 207-room hotel, a restaurant, conference facilities, gym and rooftop Skybar, along with new retail and leisure space.

Richard Dawes, director in the hotels team at Savills, comments: “The sale of the Echo Building to Select Group reinforces the appeal of gateway UK cities like Liverpool to overseas capital and demonstrates the strong appetite for mixed use developments supported by fixed income hotel investments.”

Rahail Aslam, Group CEO of Select Group, adds: “Having deployed substantial capital in the city previously, we know Liverpool well and firmly believe it will deliver superior long term rates of economic growth and increase in its attractiveness to other institutional investors. We are thrilled to contribute with the redevelopment of the Echo Building, a landmark project that will be a fantastic showcase for the Innside brand and extremely well suited to corporate occupiers.”

Shepherd and Wedderburn LLP and Withers LLP acted for Reach PLC and Select Group respectively.