UK Land and Property in a joint venture with Pochins has bought Walker House at Exchange Flags in Liverpool, which has been vacant for the last fifteen years.

The joint venture plans a £10m refurbishment of the grade II listed 300,000 sq ft building and has secured a 70,000 sq ft prelet to the Ministry of Defence which will relocate in late 2008.

As part of the deal, the Western Approaches war museum on the ground floor will be retained as an operational museum. Walker House, along with offices, will also comrpise around 10,000 sq ft of retail and restaurant space.

UK Land and Pochin now own the entire Exchange Flags development, which is made up of Walker House and Horton House, and will be the largest commercial building in Liverpool under single ownership. In September last year it bought the 160,000 sq ft Horton House from Bill Davies’ Walton Group. It refurbished the building and let 41,000 sq ft at just under £15/sq ft to law firm Brabners Chaffe Street.

The purchase price was not disclosed. Anglo-Irish bank is providing development funding is being provided by Anglo-Irish bank. Keppie Massie advised the vendor and Edmund Kirby advised the purchaser.