LandSec sells to Grosvenor fund

The Grosvenor Liverpool Fund has purchased 52-78 Lord Street in Liverpool city centre from Land Securities for £19.1m and an initial yield of around 6.4%.

The retail asset comprises of 11 units totalling 55,000 sq ft and is situated between South John Street and Paradise Street at entrances to Liverpool One.

Tenants include Specsavers, French Connection, Yorkshire Building Society, Dollond & Aitchison Opticians, Home Bargains, Co-op Travel and Games Station.

Miles Dunnett, asset manager for the Grosvenor Liverpool Fund, said: "This acquisition both reaffirms our commitment to Liverpool, a city that is thriving, and strengthens the wider Liverpool ONE offer.

"Active asset management of 52-78 Lord Street to improve the visibility, size and appeal of its units will create new opportunities for retailers. Consistent with our approach on Liverpool ONE, this will help to bring more new brands to the city, further improving the offer for visitors."

Grosvenor Liverpool Fund's acquisition will allow the boundary of Liverpool One to be extended, increasing its presence on the main pedestrian route to reach South John Street from Church Street.

Mason Owen acted for the Grosvenor Liverpool Fund and Lunson Mitchenall acted for Land Securities.

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