Manchester-based investor MCR Property Group has completed a deal with British Land to acquire a mixed-use property in the heart of Liverpool's financial district for £10.75m.
The acquisition marks the first of MCR's Liverpool investments.
The building, 2 Moorfields, which is located adjacent to Moorfields train station just off Dale Street, comprises 63,394 sq ft over five floors. Norwich Union, Yorkshire Bank and the Secretary of State for Health are current tenants.
Mark Hayes, investment director at MCR, said: "As a company, we are opportunistically driven and have been looking to gain a foothold in the Liverpool market for some time. This represented an opportunity to acquire a quality building in the central business district of Liverpool, multi-let to predominantly institutional grade tenants. The building offers a number of interesting asset management initiatives, which we will be looking to trigger immediately.
"We see this as a long-term investment and we will be looking to upgrade accommodation and common parts over the next few years, which will enable us to move rents forward."
DDM Partners acted on behalf of MCR while CBRE represented British Land.