One Derby Square in Liverpool changes hands for £14m
Linking Lord Street and Castle Street the building offers 70,000 sq ft of space, comprising six retail and one leisure unit 47,500 sq ft of offices. Tony McDonough reports
Liverpool’s One Derby Square office building has changed hands in a deal worth £14m.
Acting for the buyer, property investment company Palace Capital, agents at Mason Owen negotiated the purchase of the freehold from Hong Kong-based property investor Modril.
Linking Lord Street and Castle Street, the traditional border between the city’s office and retail districts, One Derby Square offers 70,000 sq ft of space, comprising six retail and one leisure unit on the ground floor and 47,500 sq ft of offices across four further floors.
It current produces an annual rental income of £10 and tenants include Pret a Manger, Tesco, Medicash, Reed Specialist Recruitment, Brook Street (UK) and Blankstone Opticians.
The deal, which completed on Christmas Eve, rounded off a busy 2018 for Mason Owen which has acted on office investments in Liverpool city centre alone totalling more than £177m.
This included the acquisition of the India Buildings for Legal & General for £125m, the sale of 101 Old Hall Street for TH Real Estate for £27m and the sale of Atlantic Pavilion on the Albert Dock for Tellon capital for £11m.
Simon Bland, managing director of Mason Owen, said: “The One Derby Square deal was a fitting end to a productive 2018 for us at Mason Owen – and for Liverpool’s property market.
“Despite the foreseeable challenges across the retail sector, the city is exceeding expectations with both office and industrial growth remarkably positive. We anticipate another busy and positive year, which will be aided by our move next month into new premises at 20 Chapel Street.”
Neil Sinclair, chief executive of Palace Capital, added: “One Derby Square is centrally located, close to the Liverpool One development on Paradise Street, in a city which forms part of the Northern Powerhouse and which is going through a very considerable renaissance. We are pleased to make this investment.”
Joint letting agents for One Derby Square are CBRE and Worthington Owen.