Office building just south of Liverpool city centre changes hands in a deal worth in excess of the £1.66m asking price. Tony McDonough reports
A 13,000 sq ft office building just south of Liverpool city centre and close to the waterfront has changed hands in a seven-figure deal.
Acting on behalf of HES Property Company, agents at Fisher German sold the freehold interest of Spinnaker House in the Brunswick area of the city to an unnamed property investor. The value was not disclosed but it was in excess of the £1.66m asking price.
This property was part-leased back to HE Simm & Son with the remainder of the accommodation occupied by Arthur J Gallagher Insurance. Rents range from £12.50 to £13.50 per square foot ft. It also offers 53 parking spaces.
Fisher German advised on optimal leaseback terms to maximise the achievable value. A coordinated marketing campaign, highlighting the strong ESG credentials including a 43-panel roof mounted solar array, significant interest was generated.
This led to competitive bidding resulting in a sale ahead of the asking price of £1.66m to a private property company.
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Dominic Evans, investment partner at Fisher German, said: “By engaging with our client at the outset to fully understand the operational drivers for their business we were able to advise on advantageous leaseback terms, providing flexibility.
“The strong interest generated in the sale of Spinnaker House reflects the rental growth potential given the lack of availability of good quality out of town offices, close to amenity and with attractive parking provision in proximity to Liverpool city centre.”
Gregory Abrams Davidson Solicitors provided legal services to the vendor on both the leaseback of part and overall sale. The buyer was represented by Keppie Massie Surveyors and Bermans Solicitors.