Liverpool developer Integritas makes first foray into commercial property as it offers six commercial units at its Central Point residential development to investors, costing up to £350,000 each. Tony McDonough reports
Integritas Property Group is looking to tempt investors by offering commercial units at its multi-million pound residential development in Liverpool.
In May Integritas secured £32m from BG Lending to finish Central Point, which comprises 52 apartments, and its sister project Sovereign Point which comprises 155 apartments. They are both in Naylor Street just north of the city centre.
Central Point also includes six commercial units ranging in size from 775 sq ft to 1,507 sq ft. Representing the venture’s first foray into commercial property the units are suitable for retail, cafés, healthcare, professional services, leisure operators, and office users, subject to planning.
Now they are seeking buyers for the space on 999-year leases with prices ranging from £185,000 to £350,000. They aimed at private investors, commercial landlords, pension investors and portfolio builders seeking long-term income-producing assets.
With an estimated gross rental income of £151,500 per annum, the units look to deliver a target yield of 10% and an estimated capital value of £1.515m once fully let.
They have been designed around fully repairing and insuring leases, meaning tenants are responsible for repairs, maintenance and building insurance, significantly reducing ongoing landlord obligations. The leases will also include upward-only rent reviews.
READ MORE: Huge Liverpool site earmarked for new development
Mitchell Walsh, chief execution of Integritas, said: “Central Point Commercial Space represents an important milestone for Integritas Property Group as we expand into the commercial sector for the first time.
“We’ve designed this development to meet the needs of today’s investors by combining high-quality commercial space in a prime location with a structure that supports strong long-term income potential and reduced management responsibilities.
“Liverpool continues to demonstrate exceptional economic growth and business demand, making it an attractive market for commercial investment.”