Exchange Flags Feb 2019

Bibby takes 20,000 sq ft at Exchange Flags

Shipping and marine company Bibby Line Group will relocate around 150 staff from its current location at Duke Street after taking 20,000 sq ft at Liverpool’s Exchange Flags.

The group has taken two floors at Walker House, part of the wider 360,000 sq ft grade two-listed office-led site in the city centre. Bibby’s staff will relocate from 105 and 91 Duke Street, which have been home to the group for a quarter of a century. The move will complete by the end of the year.

Bibby Financial Services will remain at its office on Princes Parade and is unaffected by the move.

Bibby Line Group was advised by Avison Young and DLA Piper. Ashtrom Properties UK was advised by Worthington Owen and Memery Crystal.

John Cresswell, chief executive of Bibby Line Group, said: “Exchange Flags is a stunning building and represents an exciting opportunity to consolidate our long history in Liverpool city centre while providing the group with modern premises, better equipped for the needs of current and future colleagues and customers.

“Duke Street has served us well over the last 25 years but relocating to Exchange Flags brings us closer to the centre of the business community and provides our fantastic team with the best possible working environment and amenities, as we continue to invest for the future.”

Exchange Flags includes 313,000 sq ft of offices over 10 floors, along with 28,000 sq ft of retail, along with an 18,000 sq ft museum.

The building generates a passing rent of around £5.6m a year, equating to a rent of around £15.50/sq ft on average. Headline rents at Exchange Flags now stand at £17/sq ft, driven by a shortage of available office space in the area.

It was sold by Shelborn Asset Management to investor Ashtrom for £68m last month.  The Secretary of State for Defence is the largest tenant with 68,000 sq ft over three floors at a rent of around £16/sq ft. Brabners is the largest occupier in Horton House with 44,000 sq ft over the second, third, and fourth floors, again at a rent of around £16/sq ft

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Its been very busy of late for the city centre office market. First Sony, then BDO, then Onward and now this. That’s over 100,000sq ft. in just a few weeks. This bodes well for the future of Pall Mall as an office led scheme

By CMW

A welcome move and makes sense given Duke Street’s rapid emergence as a residential, hotel and leisure destination. Will be interesting to see what happens with their lovely current home.

By Sceptical

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