A 94,000 sq ft warehouse used by Liverpool Football Club to store and distribute merchandise changes hands in deal believed to be worth around £7.3m. Tony McDonough reports
Agents at B8RE have secured a multi-million pound deal to sell a large Merseyside warehouse occupied by Liverpool Football Club.
Acting on behalf of clients of Swiss Life Asset Managers UK, B8RE has completed the disposal of the single let 94,000 sq ft logistics warehouse to an unnamed institutional investor represented by Gerald Eve.
Asking price was £6.78m and the deal was concluded with a “significant premium” on that price and at a net initial yield of 6.5%. At just over £5 per sq ft LFC will be paying around £470,000 a year in rent. This would suggest a sale price of around £7.3m.
Located in Huyton LFC used the facility to store and distribute club merchandise which is in huge demand across the world.
John Burrows, investment director at B8RE, said: “Having advised on the acquisition of the asset in 2016, B8RE are delighted to have remained involved throughout the client’s ownership, culminating in the successful disposal at a premium to our quoting price.
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“The strong interest generated demonstrates that significant investor demand remains for well specified assets, let to strong covenants in core locations.
“This is exacerbated by the current lack of industrial investment stock available within the market, restricting the opportunities available to investors.”