Liverpool Passport Office
The property is multi-let to two tenants, Tata Group subsidiary Diligenta Group and the UK Government

Liverpool Passport Office up for sale for £40m

Sarah Townsend

Real estate private equity firm Palm Capital has put 101 Old Hall Street on the market as it looks to reap returns from its two-year investment in the building.

The 135,600 sq ft office property in Liverpool city centre is the home of HM Passport Office and the UK’s Visas & Immigration Department, which together occupy 84,500 sq ft – or 64% of the building – on a 10-year lease renewed in July.

Palm Capital bought the property in October 2018 from investment manager Warburg HIH Invest Real Estate for an undisclosed sum.

It has since led a £10m refurbishment of the building and regeared existing leases – including the extension of the Government deal in July, and the lease with Diligenta Group, a subsidiary of steel conglomerate Tata Group that occupies the three remaining floors.

Consultancy CBRE has been appointed by Palm Capital as the sales agent for 101 Old Hall Street and is understood to be in talks with several interested parties, mainly overseas investors with a UK office or UK asset management arm.

A deal is not expected for another 2-3 weeks. CBRE declined to comment.

101 Old Hall Street is one of only four passport offices, and one of only two Home Office buildings in the UK.

The property commands a passing rent of £20.40/sq ft and the £40m price tag represents a net initial yield of 6.72%.

 

 

 

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It’s Always been only a matter of time before Liverpool loses thr Passport Office anyway.

By Michael McDonut

How is Liverpool losing its passport office am i missing something..surely it just the building up for sale no one mentions the passport office leaving !!

By michael cushion

They renewed on a 10 year lease last July. Where did that read as though it was only a matter of time before they leave? The negativity in this city is unbearable sometimes

By CMW

Mr Donut, you have had too many sherbet dips; its not just a Passport Office, but the only other Home Office building outside of London. They do a bit more than just issue Passports. HM Gov only recently signed a 10 year lease extension, and took more space.

By Billy

Sigh. Wait and see.

By Michael McDonut

Not a nice end of town really

LL

By Liver lad

Another property being sold to overseas . We have hardly anything left that belongs to the UK anymore….What a sad sad situation….

By Anonymous

Investors buying property is a sure indication they have confidence in the city, unlike MMcD who appears to have inside information, perhaps he has a direct hot line to Uncle Boris?

By Anonymous