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Liverpool's Parr Street studios could still be saved for the UK's recording business, despite a planning application to turn the complex into apartments.
The three-studio complex, which has hosted sessions by Coldplay, The Verve, Doves and the Dead 60s, is being put under the hammer by the trustees of Genesis' pension fund, which bought the property as an investment.
The band's manager Tony Smith says the studio had been a property investment for Genesis and himself, but it has been unable to generate sufficient revenues to satisfy the trustees of the pension fund even after a management team was installed to run it.
"The reality is the studio is no longer cutting edge," says Smith. "Pure and simple, it was a property investment that went wrong."
However, Smith says that converting the studios into a residential unit is now just one of several options available to the owners and he does not preclude the unit being sold as a going concern. One possibility could see Liverpool city council step in to subsidise its ...