Abrdn seeks £35m for Liverpool office
The investor has instructed CBRE to sell No 5 St Paul’s Square, a 136,000 sq ft city centre block.
Abrdn is seeking offers in excess of £34.8m for the office building, reflecting a net initial yield of 6.5%.
No 5 St Paul’s Square is let to tenants including DWF, which occupies 42,000 sq ft across three floors, Denholm Logistics Group, and Trinity Mirror North West, the parent company of the Liverpool Echo.
The nine-storey building, which completed in 2008 and features 16,000 sq ft of ground floor retail space, currently generates an annual rental income of £2.4m.
No 5 St Paul’s Square has a WAULT of 4.7 years to expiry. Worthington Owen is the letting agent for the building.
Abrdn also owns the 107,000 sq ft No 4 St Paul’s Square, having acquired it for £18m from English Cities Fund in 2017.
Another 136,000 sq ft Liverpool office block changed hands recently when Palm Capital sold 101 Old Hall Street for £39m to Priory RE.