One of the UK’s largest wealth management firms is looking for a new office of up to 100,000 sq ft in Liverpool city centre with options including Kier Property’s Pall Mall and Peel’s Liverpool Waters under consideration.
The company is currently based in the Port of Liverpool building where it has around 60,000 sq ft. While its lease is not due to expire until 2026 and a search is still in the early stages, Place North West understands Rathbones is looking for short-term expansion space, while also eyeing options for a new-build office within the city centre. Avison Young is understood to have been appointed by the company to guide its search.
Options under consideration for the requirement of between 70,000 sq ft and 100,000 sq ft are Kier Property and CTP’s Pall Mall, along with Peel’s Prince’s Dock and Liverpool Waters; these are the two largest office schemes in Liverpool’s near-term development pipeline.
Peel secured reserved matters for plot A03 of Liverpool Waters, featuring a 70,000 sq ft office, while Kier and CTP are planning to deliver up to 400,000 sq ft of commercial space at Pall Mall.
Pall Mall is to feature an 112,000 sq ft office as part of its first phase, with future phases to include offices of 150,000 sq ft and 90,000 sq ft. Under the current timeline, construction of the first office is due to begin early next year.
Rathbone Investment Management traces its history back to 1669 and has its roots in Liverpool. It offers services including investment management, charity investment, specialist ethical investment management through its Rathbone Greenbank arm, financial planning services, and ISAs.
The requirement of 100,000 sq ft is the largest currently active in the city centre, and if completed, would be among the largest deals to conclude in Liverpool in recent years.
HMRC’s 270,000 sq ft letting at the India Buildings has been the biggest, while a 70,000 sq ft pre-let at Paddington Village by the Royal College of Physicians and Sony’s confirmation it will take 65,000 sq ft at the Echo Building have also been concluded in the last three years.
A lack of high-quality supply and large floor plates has meant that only 3% of the office deals completed last year were over 20,000 sq ft. Grade A headline rents for new build currently stand at £25/sq ft, with Grade B stock commanding between £17/sq ft and £21/sq ft.
Avison Young declined to comment. Rathbones was contacted for comment.