Deals worth £2m agreed or pending for suites at Liverpool office building

Commercial agent for 14 Castle Street, Andrew Owen of Worthington Owen, said interest in the refusbished office space has been ‘off the chart’. Tony McDonough reports

14 Castle Street
14 Castle Street in Liverpool city centre where interest has been ‘off the chart’

 

Just three suites out of 11 in a refurbished office building in Liverpool city centre are now available as deals worth £2m are completed or pending.

Commercial agent for 14 Castle Street, Andrew Owen of Worthington Owen, said interest in the office space has been “off the chart” with £600,000 worth of sales already exchanged and £1.4m of deals in solicitors’ hands.

He added the main interest had come from principles of SMEs who have mainly acquired suites within their Self Invested Personal Pension Plan (SIPP) and leased them back to their operational company.

A SIPP allows them to take advantage of the tax breaks available to this type of pension entity. Of the 11 suites in the building there are only three left to acquire and they range in size from around 800 sq ft to 1900 sq ft.

Aside from extensive works to the common areas, the suites are all being refurbished to a high standard by Glasgow-based developer and longstanding owner of the building, Kilpatrick Property Group.

Andrew said: “Works to the building are only due to complete in mid-October but we already have completed three sales and with another three deals in solicitors hands, due to complete imminently.

“It has been amazing how well received the building has been by local companies who are keen to relocate from rented accommodation and acquire their own premises for investment purposes.”

Deals completed have been to such local companies including Plexus Cotton, BXB and Dynamic Search. Gary Goodman of BXB said: “We are delighted that we got the opportunity to purchase our own office in the city centre and can now pay rent to our own pension fund rather than to a landlord.”

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