RREEF Real Estate and Liberty Properties Plc have sold 7,600 m[sup]2[/sup] of office space at the HQ development in Chester to the new Cheshire West and Chester Council in a deal worth approximately £19 mln (EUR 21 mln).
RREEF Real Estate and Liberty Properties Plc have sold 7,600 m2 of office space at the HQ development in Chester to the new Cheshire West and Chester Council in a deal worth approximately £19 mln (EUR 21 mln).
Newly formed Cheshire West & Chester Council has taken all the office space at the mixed-use building. The £50 mln development also incorporates 34 apartments, a four star 80-bed Abode Hotel and fine dining including a Michelin-starred Michael Caines restaurant built around a large central piazza, overlooking the Roodee racecourse at the gateway to Chester.
RREEF Real Estate, on behalf of its RREEF UK Property Ventures Fund 3, purchased the site from Liberty Properties in 2006. It is the largest office development to be completed in Chester for 15 years.
Paul Norman, director of Liberty Properties, said: 'The sale means the £50 mln mixed-use HQ development is now fully let which is great news given the fact that we’ve been continuing with the project during the most difficult economic crisis since the 1930’s. It is a well-populated site which will be a flagship scheme for Chester.'
The agents for the HQ deal were Savills in Manchester and Legat Owen in Chester.
