Atlantic Pavilion Rear c Rodhullandemu CC BY SA . via Wikimedia Commons

CBRE is marketing the leasehold of the Atlantic Pavilion, part of the Royal Albert Dock. Credit: Rodhullandemu CC-BY-SA . via Wikimedia Commons

Liverpool’s Atlantic Pavilion on market for £8.4m

Located on the historic Royal Albert Dock, this 80,000 sq ft office building has grade one-listed status.

Atlantic Pavilion was originally built as a dock warehouse in 1846, and was repurposed into offices in 1992. It has floorplates of around 17,000 sq ft, which have options for various subdivisions.

CBRE is marketing the leasehold of the property for £8.425m, a price that reflects a net initial yield of 10%. The 999-year leasehold began on 1 October 1985.

While a vendor was not disclosed, the HM Land Registry notes that the leasehold is currently owned by by Lumezia, a company based in the Virgin Islands. Lumezia purchased Atlantic Pavilion in June 2018 for £10.75m.

With a basement, ground, and give upper floors, the pavilion is fully let to Shop Direct Holdings through April 2023. Shop Direct Holdings has, in turn, sublet the property to Plus Dane Housing and Avalanche Studios.

Included in the building lease are 21 external car parking spaces, as well as the right to park a further 49 within the car parking area on the nearby King’s Waterfront area.

The current passing rent for the property is £900,000 a year, but there is potential to secure higher rents if the property can boost its ESG credentials by introducing VRF heating and cooling, adding amenities to the ground floor, and installing EV charging points in the basement.

In the building’s brochure, CBRE notes that occupier demand shows that the pavilion could also be repurposed into a hotel or residential scheme. This would be subject to planning permission, of course.

The Royal Albert Dock itself is on the market for £49.25m as of July. CBRE Investment Management is marketing the freehold of the property, which, in addition to the Atlantic Pavilion, includes Britannia Pavilion, The Colonnades, and Edward Pavilion.

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