St Nicholas House sold at 9.5% yield

In possibly the only freehold office investment deal of 2010, a private investor client of Matthews & Goodman has acquired the building in central Liverpool for £2.155m, representing a net initial yield of 9.5%.

The 24,280 sq ft multi-let office building on Chapel Street was sold by Merseyside Pension Fund. Tenants include financial recruitment consultancy Robert Half and Waltons Insurance.

Dominic Evans of Matthews & Goodman said: "St Nicholas House benefits from its central location adjacent to an attractive green space. The size and quality of accommodation within the building combined with the competitive rental levels makes this an attractive proposition for occupiers.

"The implementation of a number of positive asset management initiatives will further enhance the appeal of the building and, coupled with our local market knowledge, will lead to early lettings of the few remaining vacant suites."

CB Richard Ellis represented the vendor.

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