Acting on behalf of Gray Healthcare, CBRE’S Office Agency team in Liverpool has completed the sale of West Tower, a landmark office building in Liverpool’s central business district, to London investor Daniel Johns for the sum of £2.3M. The sale equates to £197.60 per sq ft, the highest figure achieved for a VP building in Liverpool over the past 10 years. CBRE also acted for Gray Healthcare, to relocate them to new premises.
Real estate group, Daniel Johns, is bringing forward its innovative serviced office concept – Regent 88 – at West Tower, aimed at companies who fall into the 1-75+ employee category and who are seeking prestigious offices to enhance their image and provide a more corporate feel to their organisation. Serviced offices are high in demand and the concept has already enjoyed success in London, offering high returns to investors.
West Tower is a self-contained, high specification Grade A office building with accommodation comprising ground and 4 upper floors, situated within Liverpool’s prime business core, offering occupier presence within a landmark across the Liverpool skyline at a time when demand is at an all-time high.
The property is located on the western end of Brook Street, at the intersection with the A5036 King Edward Street. This location forms part of the new prime office core within the city with St Paul’s Square a short walk from the building.
Neighbouring office occupiers include Hill Dickinson, Weightmans, DWF, Allied Irish Bank, The Daily Post/The Liverpool Echo, Royal Sun Alliance, The Passport Office and Royal Bank of Scotland.
Andrew Byrne, Associate Director at CBRE Liverpool, said;
“We are pleased to complete the sale of West Tower to Daniel Johns and look forward to seeing them deliver their Regent 88 serviced office concept. West Tower was in high demand from the moment we launched it to the market, with office supply dwindling at a rapid rate in the City it’s no surprise that this figure was achieved. West Tower is unique within the city centre and was finished to the highest standard. Over the past couple of years inward investment has significantly improved, as investors identify Liverpool as a city well placed for rental and capital growth.”
Jonathan Gray, CEO, Gray Healthcare commented:
“We are delighted that this landmark office building has secured such a record sale, thanks to the expertise and work of the professional team at CBRE. Liverpool remains a draw for investors around the world due to its dynamic business and property sectors and shows no signs of abating. The CBRE team did a great job throughout the sale and also in advising us on our relocation to new premises.”