Downing has announced that it has reached an agreement to sell the 160,000 sq ft Port of Liverpool Building at Pier Head for around £27m, with the buyer identified only as ‘a Middle Eastern family business’.
The grade two-listed office is known as one of the Three Graces on Liverpool’s waterfront, and was built in 1904 as the headquarters for the Mersey Docks & Harbour Board.
Downing bought the building in 2003 for around £13m, and since the acquisition has invested £8.5m in the refurbishment. The building is 92% let, with 6,000 sq ft available to let.
The sale was handled Cushman & Wakefield acting for Downing, with Bilfinger GVA and Cew Capital representing the purchaser.
A statement from Bilfinger GVA and Cew Capital said that their client “has a long term hold strategy for the property”.
The sale is due to complete before the end of the year.
Ann Lodge, chief executive of Downing, said: “We invested heavily to restore The Port of Liverpool Building to its original glory and to bring it up to Grade A equivalent standard. Our multi-million pound programme of works to refurbish and modernise the building will help to ensure it retains its place in the city’s architectural legacy for many decades to come.
“The sale process was incredibly competitive, with strong international and domestic interest. This is a great sign for the Liverpool property market and shows that the city is firmly on the map for international investors.”