Avison Young has completed the £7m sale of Liverpool’s famous Cavern Walks on behalf of Harrison Street Hotel Limited, advised by law firm JMW Solicitors.

Cavern Walks has been acquired by a joint venture partnership between JSM Company Group, which already owns several bars within the Cavern Quarter, and Greenwood Developments. The JV plans to transform the building into a new hotel and shopping destination.

Signature Living had purchased the building in 2018, with plans to turn it into a new hotel, but fell into administration in 2021.

Chris Walker and Nathan Pask of Avison Young were appointed as receivers in June 2020, navigating challenging circumstances as the pandemic took hold. They were supported by James Williams and Sam Baines of JMW Solicitors.

Chris Walker, Director at Avison Young, said: “Since 2020 the receivership team has had to navigate several challenging lockdowns and, more recently, economic headwinds caused by the Government’s mini budget in September. The building was still partially occupied by retailers at the lower levels, while the upper floors were in the process of being converted into a hotel.

“An active asset management strategy stabilised the property, including regularisation of various occupations and addressing urgent maintenance and statutory compliance matters. A detailed review of the planning position was also key to delivering maximum return for the chargeholder. Cavern Walks offers great potential and we wish the JSM and Greenwood well for the future.”

James Williams, Restructuring and Insolvency Partner at JMW Solicitors, said: “We are pleased to have been able to support with the sale of Cavern Walks - it was a complex transaction involving English receivers, liquidators in the British Virgin Islands and with stakeholders in Hong Kong.

“The building is an important landmark for Liverpool and we look forward to seeing its transformation take shape in the coming months.”