Liverpool Passport Office bought for £39m
Palm Capital has sold the 136,000 sq ft 101 Old Hall Street to London-based investor Priory RE.
HM Passport Office and the UK’s Visas & Immigration Department occupy 84,500 sq ft of the Liverpool building, accounting for 64% of the total floor space.
The government had signed a 10-year lease extension in 2020, which included a break after five years.
In order to facilitate Priory RE’s £39m acquisition, the HM Passport Office lease was regeared with the break removed.
Diligenta Group, a subsidiary of steel conglomerate Tata Group, occupies the three remaining floors of the building.
101 Old Hall Street had been marketed with a £40m price tag in 2020. In summer 2021, Priory RE expressed an interest in the building. The deal represents a net initial yield of 6.58%.
CBRE advised Palm Capital on the deal, while Haywood & Partners advised Priory alongside Goldfinch UK.
Palm Capital had bought the property in October 2018 from investment manager Warburg HIH Invest Real Estate for an undisclosed sum.