Liverpool’s 20 Chapel Street office building is to receive investment after being sold for nearly £20 million.
Canmoor (advised by B8 Real Estate) has purchased the freehold of the Grade A site on behalf of British Airways Pension Trustees Limited (BAPTL) and plans are now being made to reposition it within the city centre’s office market.
The building, completed in 2008, features 155,000 sq ft of accommodation across the ground floor and 15 upper floors and is currently occupied by tenants including Liverpool Football Club, Broadway Malyan, Ernst & Young, Barclays Bank, Police Mutual and RSM (Baker Tilly).
Vacant space, which accounts for a third of the building, and the ground floor reception are set to undergo a comprehensive refurbishment this summer.
Following the deal Tom White, director at Canmoor, says: “20 Chapel Street forms a key part of the Liverpool Commercial Business District and we are delighted to have acquired this landmark office. We are committed to breathing new life into the building as well as engaging with the business community to further improve the district.
“Liverpool city centre is a thriving hub of commercial activity, with strong occupier demand driven by business expansion as well as significant residential conversions triggering a flight to quality. The difference in rents between Grade A and B office stock is minimal, but we see this gap increasing as businesses look to upgrade the quality of their premises as supply tightens.”
Andrew Owen, co-founder of Worthington Owen which has been retained as the leasing agent of the building, adds: “The new owners have exciting plans to invest in 20 Chapel Street which should return it to its rightful place as one of the best business addresses in the city.
“20 Chapel Street occupies an excellent central location and this, combined with the quality of the office space on offer and stunning river views, marks it out amongst the competition.
“The reducing stock of office accommodation within the city centre is well documented and it is highly likely that the vacant space within 20 Chapel Street and other Grade A and equivalent buildings will soon be gone.”
BAPTL and Canmoor were advised by Simon Wood of B8 Real Estate and the vendors were advised by Andrew Owen of Worthington Owen.