Acting on behalf of Hudson Advisors, CBRE’s Manchester Capital Markets team has completed two major investment sales for a combined £7M at Temple Square within the heart of Liverpool’s commercial district.
No.1 Temple Square has been sold to MCR for £1.3M representing a Net Initial Yield of 8.5% and Ventnor has acquired No.5 Temple Square for £5.675M, representing a Net Initial Yield of 8.5%.
No.1 Temple Square is a Grade II Listed, 21,993 sq ft office building on Dale Street and is single-let to Canter, Levin & Berg Solicitors. The property has been occupied by the company since 2001 as their Liverpool Headquarters. The lower ground floor is sublet to Randstad Recruitment.
No.5 Temple Square is a 40,736 sq ft, seven story modern office building multi-let to four tenants on Temple Street. Temple Street is situated between Dale Street and Victoria Street, two main thoroughfares within the city. The scheme forms a natural link between the traditional office quarter of the city and the ever expanding retail sector.
Dale Street is an important arterial route which links the waterfront and the city centre. The properties are close to the town hall, Liverpool One and the Albert Docks, and in close proximity to Moorfields train station which connects to Liverpool Lime Street. Nearby occupiers include Piccolino, San Carlo, Aloft Hotel, The Living Room and the Cavern Club.
Robert Woods, Director of Capital Markets at CBRE’s Manchester office, said;
“These major investment sales are excellent news for the Liverpool investment market and demonstrate the investor appetite for quality buildings in sought after central locations. Both properties are already let to a strong tenant line up, whilst offering excellent asset management potential.”
