Our commercial investment team have recently successfully sold a prominent office investment on the outskirts of Liverpool City Centre in a seven-figure deal. The freehold interest in Spinnaker House, a 13,000 sq ft office located approximately 1.5 miles to the south of Liverpool City Centre, has been sold on behalf of HES Property Company Ltd.
The high specification property was part-leased back to HE Simm & Son with the remainder of the accommodation occupied by Arthur J Gallagher Insurance at rents ranging from £12.50-£13.50 psf. 53 parking spaces provide an attractive parking ratio of 1:244.
Our team advised on optimal leaseback terms to maximise the achievable value. Following a coordinated marketing campaign, highlighting the strong ESG credentials including a 43-panel roof mounted solar array, significant interest was generated leading to competitive bidding resulting in a sale ahead of the asking price of £1.66m to a private property company.
Partner, Dominic Evans, who works in our investment team and is based in our Manchester office, said “By engaging with our client at the outset to fully understand the operational drivers for their business we were able to advise on advantageous leaseback terms, providing flexibility while supporting the disposal.
“The strong interest generated in the sale of Spinnaker House reflects the rental growth potential given the lack of availability of good quality out of town offices, close to amenity and with attractive parking provision in proximity to Liverpool City Centre.”
Gregory Abrams Davidson Solicitors provided legal services to the vendor on both the leaseback of part and overall sale. The purchaser was represented Keppie Massey Surveyors and Bermans Solicitors.
