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The £40m sale of Twenty Chapel Street, a prime office investment in Liverpool, has completed. The purchase, made by an overseas investor, reflects a net initial yield (NIY) of 6.29% and a capital rate of approximately £250psf. The building was sold by BA Pension Fund.

Twenty Chapel Street comprises 155,391 sq ft of high-quality office accommodation across 13 storeys and was built in 2007. It is over 90% let to a range of strong tenants, including Liverpool Football Club, Barclays Wealth, RSM and Ernest & Young.

Located in the commercial district of Liverpool, Twenty Chapel Street features a contemporary exterior and offers views of the River Mersey. The large floor plates offer a flexible and efficient working environment and the building was recently subject to a refurbishment of the common areas, including the construction of a new café facility on the ground floor.

In addition, Allsop were involved with the sale of First Street Manchester, a multi-let retail and leisure investment in the heart of the city centre, which the same client acquired this year for £11.5m, reflecting a net initial yield (NIY) of 6.63%.

Jeremy Hodgson, Partner, National Investment at Allsop, said: “Despite the current challenging market conditions, Twenty Chapel Street represented a great opportunity to buy one of the best Grade A office buildings in Liverpool that will provide excellent potential for strong rental growth. The calibre of tenants that already occupy the building demonstrates the demand for high-quality office space in the city”.

Allsop acted on behalf of the purchaser. The vendor British Airways Pension Fund were represented by Morgan Williams.


Notes to editor

About Allsop

Allsop is an independent property consultancy with a market-leading reputation for high quality service and integrity, covering the UK from our offices in the West End, the City, Leeds and Brighton. In addition to our position as the UK’s largest and most successful property auction house, we offer an extensive range of services for residential, commercial and mixed use property.

We have the people, the skills, the experience and the drive to maximise value for our clients in any given market and like to do business in our own distinctive Allsop style – open, friendly and honest. Clients appreciate this, which is why so many stay with us over the long term.

In an unpredictable world, Allsop remains a reassuringly constant source of market knowledge, insight and expertise. Visit: www.allsop.co.uk

Contact

For further information or supply of images contact:

Newgate Communications on 0203 757 6890 or allsop@newgatecomms.com or May Dalton, Commercial Marketing and PR Manager at Allsop at may.dalton@allsop.co.uk