British Airways doubles money with £40m Chapel Street sale
The 16-storey 20 Chapel Street in Liverpool has been sold by BA Pension Trust to a consortium of Far East investors for £40m, representing a net initial yield of 6.3%.
The off-market deal for the 155,000 sq ft office was made with purchaser Square Ape. Twenty Chapel Street is almost fully let with only the 7,000 sq ft top floor remaining.
The building was bought by asset management firm Canmoor on behalf of BA in 2016 for £20m, from Rumford Investments, which developed the building in the last cycle.
Tenants include Liverpool FC, Ernst & Young, Barclays and Mason Owen. The annual rental income is around £2.5m.
Allsop represented the buyer.
Letting agents at 20 Chapel Street are Worthington Owen and CBRE. The quoting rent is £20/sq ft.