The headquarters of The Very Group - one of the largest pure-play online retailers in the UK – is up for grabs with a guide price in excess of £38 mln (€44 mln).
CBRE has been instructed to market the 194,384 ft2 regional property at Speke in Liverpool on behalf of investor Fiera Real Estate, PropertyEU sources have disclosed.
The sale comes five years after Fiera (previously known as Palmer Capital) acquired Skyways on behalf of a Middle Eastern client for £30 mln at a net initial yield of around 7%. At the time of purchase, Fiera said the 2016 ‘post Brexit’ acquisition came with a price adjustment, and enjoyed a favourable currency position, low cost of debt, and that its Middle Eastern client had a ‘long term view of the UK real estate market.’
The guide price for interested parties is set at £38,800 mln (around 26% more than Fiera acquired it for) reflecting a yield of 6.5% and a capital value of £200 per sq ft.
The Very Group is one of the UK’s biggest pure play online retailers with annual sales topping £1.5 bn. Formerly known as Shop Direct Group, the company owns online retail brands Very, Littlewoods, Very Exclusive, and Littlewoods Ireland. It is owned by the billionaire Barclay brothers.
It began its 20-year lease at Skyways in 2015 having consolidated staff into the former aircraft hangar from various locations across Liverpool. Some 1,450 people now work at the office location at which it recently spent £2.5 mln on improvements.
The lease has 5-yearly rent reviews based on 2.5% per annum compounded.
According to its financial statement for the 9 months to 31 March this year, EDITDA rose 17.7% to £211 mln. Group sales increased 22% to £1.44 bn.
