Front Elevation Castle St
The grade two-listed building fronts Castle Street and Water Street

HS Property buys Liverpool leisure asset for £4.5m

Dan Whelan

The Ardwick-based investor has bought a 16,700 sq ft building on Castle Street, home to restaurants Mowgli and Santa Maluco, from RSL Property Group. 

The upper floors of the grade two-listed building, which occupies a prominent site fronting both Castle Street and Water Street, are leased to hotel brand Istay Liverpool. 

The building is located within Liverpool’s commercial core with Gino D’Acampo, Rudy’s Pizza, Bacaro, Alchemist and Restaurant Bar & Grill situated nearby. 

The property generates an annual income of £293,000 according to consultancy CBRE, which acted for RSL.  

HS Property is headed up by developers Guy Horne and David Searle. It acquired the building for around the asking price of £4.5m.

Nick Huddleston, associate director of operational real estate at CBRE Manchester, said: “The building offers a multi-let, long-term income stream in the heart of the city, a location that continues to evolve as the one of the Liverpool’s main premium bar restaurant and leisure locations. 

“Investors across the North West continue to look for well-located leisure investment opportunities with long term income profiles.’’ 

Searle, chief operating officer at HS Property Group, said: “We continue to focus on investment and asset management opportunities across a range of sectors within Manchester, Liverpool and the wider North West. HS Property Group are acquisitive for more opportunities and are very much open for business.” 

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Sigh. Another hotel when we are in need of office space.

By Fairy Contrary