Exchange Flags

Two sign at Exchange Flags

Lettings totaling 20,000 sq ft have been agreed at Exchange Flags in Liverpool, with the first new tenants moving in after administrators took over the complex in August.

Law firm Jackson & Canter has taken a 13-year lease on 16,500 sq ft in Walker House, and is relocating its head office from Church Street. Recruitment agency Bluefire Consulting has committed to a six-year lease in a 4,000 sq ft suite in Horton House.

Four subsidiary companies of UK Land & Property went into administration earlier this year, including the vehicles which owned the 460,000 sq ft Exchange Flags.

Moorfields Corporate Recovery is now managing the building, and is investing £500,000 on refurbishing Walker House to create suites of between 1,000 sq ft and 4,000 sq ft. Quoting rent varies between £10/sq ft and £15/sq ft depending on the size and location within the block.

The Jackson & Canter letting is one of the largest in the Liverpool office market in 2014. Total take-up is expected to reach 320,000 sq ft. Liverpool City Council's new 80,000 sq ft office in the Cunard Building is expected to be the most significant deal of the year, following the acquisition from Merseyside Pension Fund in March.

CBRE and Keppie Massie are the joint letting agents at Exchange Flags. Mark Worthington of CBRE acted for Jackson & Canter.

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