Office building in the heart of the city’s commercial district is home to more than a dozen companies and has fostered a ‘collaborative’ environment. Tony McDonough reports
A single office building in Liverpool is generating more than £15m a year for the city centre economy, it has been revealed.
No 4 S Paul’s Square, in the heart of the city’s central business district, is home to more than a dozen mostly small and medium-sized business who have helped turn the location into a commercial powerhouse.
Owner Aberdeen Standard Investments acquired the 107,000 sq ft building from English Cities Fund for £18.7m in 2018 and has set about transforming it into a dynamic, collaborative environment for ambitious businesses.
Aberdeen tasked joint agents, CBRE Liverpool and Worthington Owen, with promoting 4 St Paul’s as a business hub that puts productivity and the wellness of people working there top of the agenda.
In 2018 summer a wellness day held on one of the upper floors of the building attracted hundred of people from across the business district. And it is that holistic approach that has helped its tenants accelerate their growth.
Mix of tenants
Professional firms make up the majority of the tenants and they include MSB, which is increasing its space, and another law firm, Prosperity Law. There are two commercial property agencies, CBRE and AvisonYoung, as well as wealth manager Pavis, insurance firm Marsh, construction and planning consultancies, Gleeds and Pegasus and recruitment agency Search Consultancy.
Gas safety technology company, Gas Tag, is rolling its innovative product out to homes across the UK, the Santander Business Incubator is nurturing a number of dynamic start-ups.
And, in the last few weeks, one of the North of England’s most successful co-working concepts, Avenue HQ, has set up its second Liverpool base at No 4, taking 23,000 sq ft which comprises office space on the second floor and St Paul’s Social, a vibrant food and drink venue, on the ground floor.
Between them the businesses employ hundreds of people and it is estimated the combined turnover of all the tenants is well in excess of £15m a year – and growing.
Aberdeen senior portfolio manager, Mark Briggs, said: “When we acquired No 4 St Paul’s our mission was to convince potential tenants that we could offer them not just the highest-quality accommodation in the city – but also the most collaborative and inspiring atmosphere.
“There is now a huge amount of dynamism and energy among the tenants here and that is translating to the bottom line. It’s proof that if you provide people with a positive environment then business performance will improve significantly.”
No 4 St Paul’s Square offers the only remaining source of grade A office space in the city centre. Space is still available for those who want to join the success story – but it is filling up fast.
CBRE director Neil Kirkham said: “We have seen a number of new tenants over the past 12 months, including Gleeds, Pavis, Pegasus and Avenue HQ, and we are anticipating more announcements soon.
“This is one of the best places to work in the city centre and it is no surprise to us that the remaining space is now filling up fast and we are proud to have played a key role in that success story.”