Pair of Liverpool offices sold at 8.5% yield

Acting on behalf of Hudson Advisors, CBRE’s Manchester investment team has sold two offices for £7m at Temple Square off Dale Street, both to Manchester-based investors.

No.1 Temple Square was sold to MCR Property Group for £1.3m, representing a net initial yield of 8.5%. The building is grade 2-listed and covers 21,993 sq ft, fully let to Canter, Levin & Berg Solicitors. The property fronting Dale Street, has been occupied by Canters since 2001 as its main office. The lower ground floor is sublet to Randstad Recruitment.

Prestwich-based Ventnor acquired No.5 Temple Square for £5.675m, also at a yield of 8.5%. No.5 Temple Square is a 40,736 sq ft, seven-storey office building multi-let to four tenants.

Hudson Advisors manages assets in the Lone Star Fund.

Rob Woods, director in CBRE’s Manchester office, said: “These major investment sales are excellent news for the Liverpool investment market and demonstrate the investor appetite for quality buildings in sought after central locations. Both properties are already let to a strong tenant line up, whilst offering excellent asset management potential.”

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