Liverpool’s iconic Parr Street Studios & Hotel up for sale

The property comprises two full-time recording studios which have been used by an array of internationally renowned recording artists. It also features 11 offices, a new 12-bedroom boutique hotel, two bars and six ‘Podzzz’ used for smaller, more rudimentary stays.

And, according to Parr Street Studios’ chief executive Gary Millar, there is room to expand the hospitality side of the business even further.

“It’s time for somebody to come in and expand the hospitality element of Parr Street Studios,” Millar told BigHospitality. “The hotel can be expanded quite considerably. We own a car park next to the site which is perfect for expansion.

“Also, Studio 2 within the building is two storeys and it has the capability to offer another three floors installed on top of the building. There’s the opportunity to expands the bars as well. Hopefully someone will see all of this and want to make this place bigger and better.”

Business turnaround​

Millar, who is also currently the deputy lord mayor of Liverpool, took over the business in 2006 with partners Steve Macfarlane and Thomas Lang as part of an agreed five-year plan which involved the introduction of new office space, the hotel and the second bar.

“My career is business turnaround,” he added. “It’s time to now move on, only because it’s right to take something on and then nurture it before letting go.

“Parr Street Studios was initially losing £200k a year every year. We bought it and we’re now making between £30k and £50k every year in terms of net profit, so it’s a real turnaround as a business.

“And it’s all down to the hospitality element. What we get now from a hospitality point of view is people coming to visit to have a drink or to stay in the hotel because of its musical heritage - It gives it a real USP.

“It might not be the ideal time in terms of the property market to sell, but we’re not going to lose money from it and I want to just move onto my next project.”

Outstanding opportunity​

Andrew Owen, head of business space at property agency Mason Owen, added: "The purchaser has an outstanding opportunity to expand Parr Street Studios hotel, hospitality and office business - or simply to walk into a ready-made, multi-faceted and well-known business."

Positioned close to Liverpool Lime Street Station and Liverpool John Lennon Airport, the 20,000sq.ft property features the famous recording studios which have been used by an impressive list of recording artists including Black Sabbath, Take That, Coldplay and Rihanna.

Parr Street Studios and Hotel is located at 33-45 Parr Street in Liverpool’s Ropewalks area. Offers in excess of £1.9m will be considered and interest is expected from the UK, US, China, Hong Kong and the Middle East.