Green Property has sold the Grade II listed India Buildings in Liverpool, UK to Shelborn Asset Management, on behalf of overseas clients, for £17 mln (€22.4 mln).
Green Property has sold the Grade II listed India Buildings in Liverpool, UK to Shelborn Asset Management, on behalf of overseas clients, for £17 mln (€22.4 mln).
The transaction represents the largest office investment sale in Liverpool in 2015.
India Buildings dominates Liverpool’s traditional office district and occupies an entire city block between Water Street and Brunswick Street. Constructed between 1924 and 1932, the landmark asset comprises a total of 500,000 sq ft (46,500 m2), arranged over ten floors above ground and basement and sub-basement levels.
Although Green Property has implemented an asset management programme since acquiring the building in 2009, significant opportunities remain, as well as reversionary income, and there is also potential for conversion to alternative uses, including residential and hotel, the vendor said. The property is currently home to a number of office tenants including DLA Piper, Colliers International and Citizens Advice Bureau, and when fully let the potential Estimated Rental Value for India Buildings is over £5 mln per annum.
CBRE and Worthington Owen represented Green Property and Knight Frank acted for Shelborn Asset Management.
