CEG completes Exchange Station purchase
Commercial Estates Group and Anglo Scandinavian Estates have completed the £13m acquisition of 190,000 sq ft from the Homes & Communities Agency, as tipped by Place in November 2015.
Exchange Station, on Tithebarn Street near Merseyrail’s Moorfields underground station, is one of Liverpool’s main office buildings in the heart of the city’s business district.
CEG said it plans to spend £7m finishing the refurbishment completed on part of the building two years ago.
The announcement comes after the HCA acquired the scheme in April 2014 following the closure of Space Northwest, the public-private joint venture with Ashtenne and the HCA.
The former Victorian railway station, built in 1888, was redeveloped as offices behind the retained façade in 1986 by English Estates.
Brian Ricketts, partner and head of office agency at Hitchcock Wright & Partners, advised CEG. He said: “Having identified Exchange Station as a sound investment opportunity, we immediately approached CEG, who have had a long association with Liverpool and are one of the city’s main landowners. This deal further cements CEG’s position as a long-term investor in Liverpool and the wider city region and the company is now undertaking a comprehensive refurbishment of the office space, which is due for completion in summer 2016.”
Deborah McLaughlin, executive director, North West at the HCA, said: “Exchange Station is one of Liverpool’s important grand buildings and is of great significance in the city, forming a cornerstone of the central business district. Exchange Station benefits from significant investment including the remodelling of the atrium, and the creation of a café and great new work space suitable for smaller business for which there is great demand in Liverpool. This deal sees Exchange Station move back into the hands of the private sector and we are confident that CEG will ensure the building achieves its fullest potential.”
JLL represented HCA. Quoting rent in the office is £15/sq ft.