Asset management firm Canmoor has bought a 155,000 sq ft office in Liverpool’s Chapel Street from Rumford Investments on behalf of British Airways Pension Trust, for nearly £20m.
The Trust plans to make “significant investment to reposition the scheme as one of the premier office offerings in Liverpool”. The ground floor reception and vacant office accommodation, which makes up a third of the building, will undergo a refurbishment over the summer.
The 16-storey office had a development value of £60m and was completed in 2008.
Tom White, director at Canmoor, said: “20 Chapel Street forms a key part of the Liverpool Commercial Business District. We are committed to breathing new life into the building as well as engaging with the business community to further improve the district.
“Liverpool city centre is a thriving hub of commercial activity, with strong occupier demand driven by business expansion as well as significant residential conversions triggering a flight to quality. The difference in rents between Grade A and B office stock is minimal, but we see this gap increasing as businesses look to upgrade the quality of their premises as supply tightens.”
Current tenants include Liverpool FC, Ernst & Young, Barclays Bank, Broadway Malyan, RSM Baker Tilly and Police Mutual.
Worthington Owen has been retained as the leasing agent and Savills has been appointed to manage the building.
BAPTL and Canmoor were advised by B8 Real Estate and the vendor was advised by Worthington Owen.