Dubai, United Arab Emirates, 1 October 2018: Select Group, UAE’s leading real estate development and investment company today announced that it has completed the acquisition of the iconic Echo Building located in Liverpool. Savills, jointly with development managers Paradigm Property Consultants sold the forward funding and mixed-use redevelopment on behalf of Reach PLC.
Situated in the heart of Liverpool’s commercial district, Echo is scheduled for completion in January 2020. With approximately 300,000 square feet comprising hotel, office, leisure, retail accommodation and basement parking, this redevelopment will create a vibrant new mixed-use destination in the city.
The property will comprise an upscale 4-star hotel operated under the Innside brand by Meliá, Spain’s largest hotel chain. Spread over 17 floors, the hotel will comprise 207 en-suite bedrooms, a contemporary open plan restaurant featuring a show kitchen with a bar and lounge, six fully equipped conference rooms, a double height rooftop Skybar with an outdoor terrace with exceptional city views. Approximately 50,000 square feet of Grade A commercial space, 15,000 square feet of dedicated gym space and four prime retail units on the ground floor will complete the mixed use development scheme.
Said Rahail Aslam, Group Chief Executive Officer Select Group, “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”.
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