Liverpool City Council have sold the city’s Municipal Buildings to a Singapore property developer who plan to transform it into a four-star hotel.
Council bosses placed the Dale Street property up for sale last year as they aimed to make up to £90 million of saving by 2019 in line with Government cutbacks.
Several bidders expressed interest in securing the Grade II listed building including Signature Living, who operate a number of hotels in the city.
But Fragrance Group Limited, based in Singapore, have won the race and are set to be recommended as preferred bidders at a council cabinet meeting next week.
A report is set to advise the local authority to agree a 250-year lease with the developers, whose winning bid currently remains under wraps.
The Municipal Buildings is currently home to 640 staff, who the Liverpool Echo claim will be rehoused to other council offices including the Cunard Building.
Councilor Malcolm Kennedy, cabinet member for regeneration, said: “Municipal Building has been a magnificent home for Liverpool City Council since the 1860s but we no longer have the staff numbers to justify retaining it.
“I’m delighted we have a buyer of international repute who is looking to use Liverpool to break into the UK and European hotel market.
“This will have a great impact in terms of generating jobs and boosting our international appeal.
“We will work with FGL to ensure that its future use protects the building’s unique architectural features, as we have done with the neighbouring Municipal Annexe and Royal Insurance Building which have also recently been brought back into use as four star hotels.
“The sale will bring in much needed money which we can reinvest in reducing the costs of our capital infrastructure programme, as well as delivering ongoing savings by lowering our overheads.”