Squarestone makes £7m Liverpool office purchase

Squarestone Growth has acquired 5 Temple Square in Liverpool from Ventnor for £7.5m, representing a net initial yield of 7.1%.

The 40,700 sq ft office in Liverpool’s commercial business district is fully let to tenants BDO Services, Wealth at Work and Mitchell Charlesworth. Neighbours include architect Falconer Chester Hall.

Rent in 5 Temple Square is around £13.50/sq ft. The building was constructed in 2004 by Villagate, and sold to Ventnor in 2015.

Over the past year, Squarestone has upped its activity in the region, including purchasing Mere Grange Business Park in St Helens for £4.8m from Network Space, buying Manchester Green from Barwood Capital and DB Symmetry for £20m, and opening an office in Manchester’s St Peter’s Square.

Worthington Owen and Christopher Dee acted for Squarestone, while B8RE represented Ventnor.

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Lots of value to be had in Lpool, two decent deals this year. Can see a lot more demand coming for this kind of product.

By Mikes mate

Value for who? So far in Liverpool as a whole it’s been value for various ex-office owners flogging their buildings off for redevelopment as overseas supposed-residential-units for sale, and value for those flogging those units overseas.

There’s been no value to the city from any of that, including noting the empty units in competed developments and the number of developments still shrouded in scaffolding with little sign on activity.

And now we have the few remaining office buildings changing hands. Who will again find value? With a practical reality choice of pay up or leave Liverpool, will the remaining businesses find value? Or will they eventually just give up if prices rise? What is the point of paying more to be in Liverpool when the core economy you rely on has contacted, rather than shrunk? Does Liverpool itself still offer value and prospect of value for big business? Or is it now a busted flush.

Not to worry if you’re an office building “product” owner. Permitted rights still exists.

Noting the falsehood comment on another story that the buildings we’ve lost to residential were not suited to business occupiers. The story sat alongside another adorned with an image of a fabulous old building in Manchester city centre, which is to be made a hq of a rather famous company. Just one such renovation among many.

And still the city council needs to fund new Grade A…

Liverpool was doing brilliantly until Labour took control. Now this is what it’s come to.

By Mike

Liverpool was doing brilliantly until Labour took control? The managed decline under Tory-Liberal coalition in the early 80s is what you consider as “doing brilliantly”? When Labour took control they started a wave of urban regeneration projects that were almost all seen to completion, created thousands of jobs and halted thousands of redundancies.

I normally agree with a lot of your comments, but I think you have clearly misspoken there, Mike.

By NWPlanner

Have to agree with Mike on this. Best thing LCC could have done 3/4 years ago would be bringing in art. 4 directive limiting pdr schemes. Landlords would ultimately have to do deals and invest in their own assets to avoid high rates liabilities and attract tenants ultimately the city core wouldn’t have felt bleak and suffer from lack of daytime activity.

Too late now, without any real employment space coming through we’re going to have a lost generation of people employed in hospitality whilst higher paid jobs that create a middle class and generate the kind of coffee culture that every developer seems to want as part of their resi schemes scurry to Manchester.
Only so many businesses that can be sustained in Baltic’s “shed in a warehouse” concept. Unless Labour led LCC want Liverpool to become Croydon to Manchester, would help with keeping people voting for labours never ending social policies with little regard to creating a highly skilled labour force.

By J

NWPlanner – referring to Labour control of the city council, not the British government. It is local where the failure has been. National government only provides more or fewer hurdles to jump, depending on who is in charge. None of them have been friends to Liverpool nationally.

By Mike

The ‘twin’ cities of Liverpool/Manchester are unique in this country for their complicated relationship but also for their potential. We need to get away from the ‘see-saw’ scenario of one city up the other down. But for both cities to fully prosper we need good access to both and between the two. Concentrate on pushing for equal and mutual accessibility through HS2. Liverpool’s port is the North’s main trade route just as fast links to both Manchester and Liverpool airports will benefit us all. Transport links should be the top priority for Liverpool city region.

By Roscoe

Manchester has more in common with Leeds and far more people travel between the two.