Two commercial buildings on Liverpool waterfront change hands in a £9m deal that could trigger further new development. Tony McDonough reports
A £150m property investment fund has acquired two commercial buildings on Liverpool waterfront in a £9m deal and has said it may develop the 10-acre site further.
Brunswick Business Park’s North and South Harrington buildings, just south of the city centre, comprise 120,000 sq ft and the units are fully let. They are occupied by a variety of business tenants.
It has been bought by a multi-let urban logistics investment fund which is managed by property investment company JR Capital and asset manager Chancerygate. London-based Commercial Estates Group (CEG) is the vendor.
North Harrington is currently arranged as one unit and occupied by the UK’s leading indoor go-karting company TeamSport.
It extends to 54,500 sq ft in size and benefits from access via 10 sliding sectional goods access doors, as well as customer parking to the front and a large parking area to the rear.
South Harrington comprises a former dockside warehouse which has been reconfigured to six self-contained warehouse units at ground floor, with the first floor offering office accommodation.
Current occupiers include Royal Mail and specialist clinical nutrition products producer, Vitaflo, part of the Nestle Group.
JR Capital’s head of investment, Michael Ferris, said: “We are pleased to have completed this latest acquisition for the fund. Brunswick Park offers high yielding and well diversified income, anchored by some really quality tenants.
“The surplus land on the 10-acre site is suitable for development for a variety of uses providing us with an opportunity to roll our sleeves up and add value in the short term.”
JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting urban logistics, industrial and warehousing investments across the UK in lot sizes of £10m to £20m.
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Chancerygate head of investment and asset management, Simon Cowley, added: “This strategic acquisition secures an excellent asset to add to our growing portfolio within the resilient North West market.
“The fully let nature of buildings signifies the strength of demand for this type of accommodation such a core urban logistics location being immediately proximate to the city centre.”
B8 acted on behalf of Chancerygate and JR Capital, while Edwards & Co advised CEG.