Grosvenor brings old Rapid space to market

Grosvenor Developments has instructed Mason Owen to sell the former Rapid Hardware showroom on Renshaw Street, Liverpool city centre.

The property stretches to Bold Street and St Luke's Place and comprises an unbroken parade of six retail and leisure units, anchored by a Sainsbury's supermarket, providing accommodation of around 36,281 sq ft.

Mason Owen said the starting price is £2.75m but added two other remaining units are also close to being sold. Therefore, if all eight units are sold, Grosvenor is expected to receive around £4m in total.

Jamie Moffatt, director at Mason Owen, said: "This prominent building has attracted a huge amount of local interest since it was sold by Rapid Hardware to Grosvenor two years ago.

"Over the past 12 months, David Legat from our retail team has worked closely with Grosvenor who have restored the units to the parade of individual shops that they once were. We have now been asked to sell the premises, and are anticipating strong demand from both private investors and property companies."

The premises has undergone a £700,000 refurbishment and is being sold fully let. Tenants include Bathroom Empire, Minute Man Press, Fairbridge Charity, and AMP Catering, owner of the Mei Mei Chinese restaurant in Berry Street.

The rentals generate £224,500 a year, with 81% of that amount reviewed every five years in accordance with the increase in the retail price index. A total of 68% of income is secured for nine years or more.

Rapid Hardware occupied the property from 1971 until 2009 when it vacated Renshaw Street to move to the former George Henry Lee/John Lewis building off Williamson Square.

Grosvenor was required to find occupiers for the landmark former department store building as a planning condition of Liverpool One, where John Lewis relocated in 2008. Grosvenor acquired the Renshaw Street showrooms from, and sold part of the George Henry Lee building to, Rapid to satisfy the condition.