Corestate looks to offload Royal Liver Building
The Liverpool waterfront landmark, sold only once before in its 110-year history, is to be offered at £90m.
CBRE has been appointed by Corestate Capital to sell the grade one-listed building, one of Liverpool’s Three Graces, having successfully sold it on behalf of Royal London in 2017, the first time it had been traded.
Corestate, a Luxembourg-based international investor, bought the building for around £48m, being partnered on the deal by Everton FC owner Farhad Moshiri. A £29.7m facility was provided by Barings.
The incoming owner subsequently embarked on a comprehensive revamp, with office space overhauled and facilities added. Everton took 28,000 sq ft at the building to house functions including finance, media and marketing.
Other tenants include Princes Foods, HSBC, Mott MacDonald and Grant Thornton, while the building also has its own visitor attraction, RLB 360 Tower Tour, which allows the public to explore its iconic history through a fully immersive experience.
Designed by Walter Aubrey Thomas, the building first opened in July 1911 and on completion was the tallest office building in Europe.
Colin Thomasson, executive director, investment properties at CBRE, said: “We are truly honoured to be mandated to sell the Royal Liver Building, the most recognisable office building in the North of England and an icon on the global stage.
“It is an exceptional investment opportunity which offers investors the chance to not only own a piece of history but also a property with considerable potential to add further value and continue the refurbishment programme the current owners have already executed.
“With Grade A office supply in Liverpool currently at an all-time low and rising occupier demand, we anticipate strong demand amongst investors for the asset.”
The other two Grace buildings have also been traded in recent years, with Amtrak Real Estate paying £27m for the Port of Liverpool Building in 2015, a year after Liverpool City Council acquired the Cunard Building.
CBRE is seeking £90m for the asset. Credit: via Space PR
Appalling that CBRE announce publicly there is an all -time shortage of grade A office space in Liverpool, meanwhile the city council dithers on the Pall Mall scheme, in the same way the cruise-liner terminal plus hotel is never mentioned.
By Anonymous
I wouldn’t say they are trying to “off-load”the Liver Building, rather sell it on at a profit.
By Anonymous
Please don’t sell it to Britannia Hotels
By Steve
Yes city councils failing completely on grade A office space and the cruise liner terminal. They keep mentioning the spine building which is great …but really not enough . The council appears to be turning inwards which will have a massive cost to our young people hoping for a career in the city
By George
..a building is up for sale.. It’s hardly news.
By Terry
CBRE aren’t exposing a well kept secret, it is well known that there is a shortage of grade A office space in Liverpool. What is the relevance of the cruise liner terminal and hotel to this?
By Anonymous2
What about something similar to the Shankly Hotel?
By Anonymous