North West property firm Bruntwood sells a Liverpool city region office buildings it has owned for 35 years for £5.8m. Tony McDonough reports
Bruntwood has sold a 65,000 sq ft office building in Liverpool city region for £5.8m.
Burlington House in Crosby Road North in Waterloo, has been owned by Bruntwood for 35 years. In recent times it has been run as part of its Bruntwood Works portfolio. It has been acquired by Tracey Investments.
At 5.8m this represents a net initial yield of 9.5%. Net initial yield is the annual rental income expressed as a percentage of current capital value. Its two biggest tenants are Alder Hey Children’s NHS Foundation Trust, which occupies around 7,000 sq ft, and medical trials firm Synexus which takes up 6,700 sq ft.
Colin Forshaw, Liverpool regional director for Bruntwood Works, said: “Creating thriving places and communities is something we’re passionate about. After more than 35 years under Bruntwood stewardship growing occupancy levels and building a community, we now feel it’s time for us to hand Burlington House to its next owner.
“We are confident that Burlington House will continue to prove an attractive proposition for those small and medium sized businesses across Liverpool that are looking to take the next step on their growth journey.
“We plan to continue to invest in our workspaces across Liverpool that encourage collaboration and help to create thriving cities.”
Carrick Real Estate and CBRE marketed the property for Bruntwood which owns a number of office buildings in Liverpool city centre. These include The Plaza and the Cotton Exchange.
A spokesperson for Tracey Investments added: “With little competition within the area providing good quality office accommodation, TIL is confident it can improve the amenity within the building.”