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Liverpool’s world-famous Royal Liver Building is to be put up for sale for the first time in its history.

A guide price of more than £40m has been put on the jewel in Liverpool’s crown as its owners Royal London Mutual Insurance Society decided to sell the building.

The London-based insurance company acquired the Liver Building, which has has undergone extensive refurbishment, in 2011 after a takeover of Royal Liver Assurance, who commissioned its construction before World War One.

Royal Liver Assurance began life in 1850 as The Liverpool Lyver Burial Society, set up in the city to provide people with assistance related to losing a wage-earning relative.

It was formed by nine working-class men in a pub known as the Lyver Inn and after various moves to premises across the city over the next 60 years, Royal Liver started work on the landmark Royal Liver Building in 1908 and moved in on July 19, 1911.

However, after 161 years in the city the group moved out. Two-hundred and twenty jobs were lost and the offices were rented out to companies which include ITV and HSBC.

Now, commercial real estate company CBRE, who have an office in Manchester, have been instructed to list the building’s sale by Royal London.

CBRE executive director, Colin Thomasson, who is leading the sale, said: “The Royal London Mutual Insurance Society have gone through a period of asset management over the last few years.

“They have decided because of the life-cycle of the asset and strategy of their business now was the appropriate time and so they took the decision to sell.

“It is an extremely rare occurrence and I have never come across a building with more than a 100-year history that has never been sold before.

“I think it is highly unlikely that any change of name will come about and I strongly doubt the use will change too.

“There are 19 businesses in the building who all have leases and those leases have many years left to run.

“We are launching the marketing of the building this week and will begin the process of approaching investors.

“This sale presents an extremely rare opportunity to acquire a unique part of Liverpool’s heritage.”

The Royal Liver Building is located at the Liverpool Pier Head and, along with the Cunard Building and Port of Liverpool Building, forms one of Liverpool’s Three Graces lining the city’s UNESCO protected waterfront.

At the time of its opening the Liver Building was one of the first buildings in the world to be constructed using reinforced concrete.

It was the tallest storied building in Europe until 1932 and the tallest in the United Kingdom until 1961.

The Grade I listed building is crowned by two clock towers, with clock faces larger than those on Big Ben, made so mariners could tell the time from the river.

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The clocks hold the distinction of being the largest electronically driven clocks in the UK.

They were originally named George clocks, because they were started at the precise time that King George V was crowned on 22 June 1911.

And sitting proudly perched on top of the Royal Liver Building are two Liver birds, Liverpool’s emblem, affectionately known as Bella and Bertie.

The birds, which are made from copper and stand 18ft tall with a wingspan of 24ft, hold a great deal local legend in their wing spans.

For example, it is believed that if Bella and Bertie were to ever fly away the city would cease to exist and as such are chained down to the clock towers.

It is also said that Bella looks out to sea to ensure the boats arrive safely into port while Bertie keeps his watchful eye on the city, protecting the citizens of Liverpool.