20 Chapel Street 2

British Airways doubles money with £40m Chapel Street sale

Jessica Middleton-Pugh

The 16-storey 20 Chapel Street in Liverpool has been sold by BA Pension Trust to a consortium of Far East investors for £40m, representing a net initial yield of 6.3%.

The off-market deal for the 155,000 sq ft office was made with purchaser Square Ape. Twenty Chapel Street is almost fully let with only the 7,000 sq ft top floor remaining.

The building was bought by asset management firm Canmoor on behalf of BA in 2016 for £20m, from Rumford Investments, which developed the building in the last cycle.

Tenants include Liverpool FC, Ernst & Young, Barclays and Mason Owen. The annual rental income is around £2.5m.

Allsop represented the buyer.

Letting agents at 20 Chapel Street are Worthington Owen and CBRE. The quoting rent is £20/sq ft.

Your Comments

Read our comments policy here

Is there any chance they new owners can speed up and get the cladding remedials completed? Seems to have been going on for years!?

By Someone

Absolute botch of a building. What a rip off!

By Cheshire boy

‘By Someone’ reference your comment you’ve got no idea clearly about construction works so run along and keep self isolated

By John T

Cheshire boy. Ever been to Lpool? Doubt it.

By George

My office is, as my name states, is on Old Hall Street. Just who has been running that cladding repair scheme at 20 Chapel Street. It has been going on for at least since 2016!

By Old Hall Street

Thanks for the advice John T, as you are ITK, can you give us some insight on what is going on then, there have clearly been delivery issues, when are the works due to complete?

By Someone

Fantastic deal for BA/Canmoor

By Real Deal