George Henry Lee opened his first shop in Basnett Street in 1853 and the business grew into one of the north’s most popular department stores
13:49, 04 Apr 2026Updated 15:19, 04 Apr 2026
The former George Henry Lee building in Liverpool, located on Basnett Street(Image: Liverpool ECHO)
The iconic former George Henry Lee building in Liverpool city centre has been empty for almost ten years, after the last occupant, Rapid Hardware closed its doors in 2017. During this period, the site has been subject to much speculation, as well as grand and ambitious plans, none of which have yet come to fruition.
Still regarded as one of the most impressive and desirable properties in the city, there is now renewed hope for the potential restoration of the historic building, after it was recently sold to a new owner, and one which indicated a commitment to securing its future use.
The nine-storey premises certainly has a storied past. George Henry Lee opened his first shop in Basnett Street in 1853 and the business grew into one of the north’s most popular department stores, before being bought by John Lewis in 1940.
In the 1960s, the existing store was merged with the Bon Marche situated next door, and which faced onto Church Street. In 2002, the old George Henry Lee name was dropped and the store became John Lewis.
George Henry Lee and the original staircase (Image: Trinity Mirror Copyright/Reach Content Archive )
In just six years, John Lewis left for a new home in Liverpool ONE, and the old Bon Marche building became TK Maxx, while the original part of the George Henry Lee building was taken over by Rapid Hardware, before it closed down in 2017.
There were several years when this large and imposing building was left vacant, but when Liverpool City Council granted planning permission in 2023, for a 175-bed hotel and casino, it was hoped contractors could finally breathe a new lease of life into the property.
The other additions proposed for the hotel included a games bar, sports bar, karaoke booths, cinema screens and a gym, spread across nine floors.
Despite the site once being a “very grand” department store, the interior of the building was deemed to be in a very poor condition, and the design and access statement for the planning application outlined a series of challenges for any future restoration.
Seemingly unperturbed, Landlab Developments Ltd, the firm behind the planning proposal, were keen to show off its vision for the building, as well as its grandiose plans for a new hotel, all to be delivered in partnership with Parisian brand Accor Mama Shelter.
Look inside the former George Henry Lee and Rapid department store in Liverpool. Pictured in 2023, Victor Alpha property developer(Image: Liverpool Echo/Colin Lane)
Landlab’s director, Victor Alfa told the ECHO at the time: “It’s another project, but this time around it is a project that is closer to home, one that is dear to my heart.
“I need to make sure everything is done and standards are met [so] I can bring this building back to life so everyone can enjoy it again.”
Less than a year later, fears emerged that the £25m plan to revive the former store, could fall through after Landlab was plunged into financial difficulties.
It was hoped Landlab would be able to deliver the project, with 200 jobs to be supported in the construction phase. However, the company fell into receivership in May 2024, placing the renovations in jeopardy.
Receivership is a process when a company’s assets are managed by an insolvency practitioner, bank or lender, often used to recover debt. In reference to the Bassnet Street property, the insolvency practitioner Antony Batty & Company was appointed as the official receiver for Landlab in May 2024.
Look inside the former George Henry Lee and Rapid department store in Liverpool in 2023(Image: Liverpool Echo/Colin Lane)
Its receivership ended in December 2024 when London-based special situations lender AssetStone took over Landlab as a company, reported by the ECHO in March last year.
At that time, Richard Symonds, CEO of AssetStone, told the ECHO: “We are actively asset managing the building as we recognise its importance to Liverpool city from both a heritage perspective and as a strategic asset key to building a sustainable future for the city centre and we are working closely with the city on this project so as to avoid any further failed proposals in such an important location.”
Although the leasehold to the property was owned by Landlab, before being taken on by AssetStone, the ECHO now understands the freehold belonged to Legal And General Assurance (Pensions Management) Limited (LGAPM).
We contacted LGAPM for an update on the building and were told it had sold the property four months ago.
The former George Henry Lee building in Liverpool, located on Basnett Street(Image: Liverpool ECHO)
For the first time, the ECHO can report the freehold for the former George Henry Lee and Rapid department store on Basnett Street was purchased by London-based property firm AIEF Assetstone L1 Limited (AIEF), which was incorporated in August last year, and is also owned by Richard Symonds.
This company purchased the building in December 2025 for a fee not yet disclosed by land registry documents. However, it’s likely to be a significantly higher price than the £10.4m paid by LGAPM back in 2010.
To date, there is no confirmation whether AIEF intends to pursue plans for a new hotel, but the approved 2024 extension plan still appears viable, and remains well within the three year window before the permission expires.