Prupim to auction Liverpool retail asset

Investor Prupim has put 59 to 61 Lord Street up for sale with auctioneers at Jones Lang LaSalle in London.

The city centre premises currently house mobile phone retailer T-Mobile and are available with a £2.2m guide price.

Richard Auterac, auctioneer at Jones Lang LaSalle, said: "This attractive end of terrace period building is located in the heart of Liverpool city centre and is one of the best properties we have at our next auction. It presents a rare investment opportunity, especially to someone who wants to own a bit of their local high street.

"Over the summer, like the housing market, prices for commercial property have started to bounce back but they're still very favourable compared to the peak levels witnessed in the spring of 2007 before the credit crunch took hold. There are a wealth of cash rich buyers in the market at the moment and they would be wise to snap up superior properties like this before a sustainable recovery arrives and prices in the auction room start to rise – prime properties at these prices will soon be a thing of the past."

The 10,000 sq ft property comprises retail on the ground floor, public house accommodation at basement level and self-contained accommodation on the first, second and third floors.

The current rent is £176,400/year. The majority of the property is let to Bell Street Estates until 2058. The ground floor has been sub-let to T-Mobile (UK) for 15 years until 2015 at a current rent of £156,000/year.

  • Jones Lang LaSalle's auction is taking place on Wednesday 21 October at the Cumberland Hotel on Great Cumberland Place in London. For further information contact Richard Auterac at Jones Lang LaSalle on 020 7399 5300 or Peter Cunliffe on 020 7399 5934.

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