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A row between a developer and an investment giant could derail plans to turn a well-known former city centre department store into a luxury hotel and casino.

Development company Niboco has applied to turn the old George Henry Lee store in Liverpool into a 157-bedroom hotel, restaurant, casino, nightclub and events space.

The building off Williamson Square has been largely empty since Rapid Discount Outlet shut in 2017, and Niboco, led by Count Niki Bolza, has lodged a planning application to the city council.

It's also got the backing of Liverpool City Mayor Joe Anderson, who said he was 鈥渆xcited鈥� about the plans.

But it鈥檚 recently emerged that Legal and General (L&G), who own the freehold for the building, have put it up for sale, and a row has erupted between the developers and the financial services firm.

Mr Bolza says the price is too high, while officials from L&G say the sale is the conclusion of a wider asset management strategy, and the firm is acting 鈥渋n the best interests of pension fund investors鈥�.

Mr Bolza said the hotel on Basnett Street would create 鈥�200 jobs鈥�, adding: 鈥淥ur view from the start is that it鈥檚 entirely reasonable to convert that beautiful building into a hotel, which would become one of the best hotels in Liverpool.

鈥淚t鈥檚 a gorgeous building with massive potential. To use it as a hotel is ideal - it couldn鈥檛 be more suited to that. Retail, particularly on the upper floors of the building - is just not viable.鈥�

He described the current scenario as 鈥渞eally messy鈥�, adding that the project has been 鈥渉aemorrhaging money鈥�.

But he said: 鈥淚t鈥檚 cost millions, but it鈥檚 our hard work, initiative and our investment so I am going to fight tooth and nail.

鈥淚 don鈥檛 need to tell you how important it is to provide more hotel rooms for Liverpool - high quality hotel rooms in particular.鈥�

He said the new facility will most likely be 4* with the potential for it to be converted into a 5* facility.

He said: 鈥淭his is exactly what Liverpool needs. There are lots of 3* hotels but not an awful lot of high-quality ones, so this is a no-brainer.

鈥淚t鈥檚 going to have a knock on effect and will be so good for Williamson Square and the city. The area needs this development.鈥�

Mayor Anderson said this week: 鈥淲e are excited about the area and the potential for a hotel, so we have been in communication with the owners asking them to work with this proposal.鈥�

A spokeswoman from L&G said: 鈥淭he sale of this property is the conclusion of a wider asset management strategy that the fund put in place at the beginning of the year.

鈥淎cting in the best interests of our pension fund investors, L&G has a fiduciary responsibility to take a best practice approach to the sale of this property 鈥� marketing it transparently, fairly and widely on the open market, using experienced agents. 听

鈥淭he property has been on the market for [over] a week and we will of course update you on the outcome of this process as soon as possible.鈥�

The history of the building

George Henry Lee opened his first shop in Basnett Street in 1853 and the business eventually grew into one of the north's top , with a striking building to match.

It was bought by John Lewis in 1940, and in the 1960s, the existing store was merged with the Bon Marche store next door, which faced onto Church Street.

In 2002, the old George Henry Lee name was dropped and the store became John Lewis.

And in 2008, John Lewis left for a new home in Liverpool ONE.

The old Bon Marche building became a TX Maxx, while the original George Henry Lee building was taken over by Rapid Hardware.

The original Rapid Hardware collapsed in 2013, but the store soon reopened as Rapid Discount Outlet.

That store finally closed in 2017 after Rapid Discount Outlet went into administration.