Oval buys Liverpool’s Capital Building, preps onward sale to L&G
Oval Real Estate has acquired the 410,000 sq ft asset known locally as the Sandcastle from Starwood Capital and is close to agreeing terms to sell it on.
Talks with L&G are at an advanced stage after Oval reworked and extended the lease with the various government departments that occupy the Old Hall Street building.
The Capital Building was first marketed for sale in 2023 by CBRE with a £90m guide price. It is unclear how much Oval bought the building for or how much it will sell it on for.
Oval, L&G, and Starwood were contacted for comment.
The 13-storey building last traded in 2015 when Starwood and Trinity Investment Management bought it from American investment house Cerberus for £55m.
In October 2021, The Capital underwent a £26.2m refurbishment.
UK Visas & Immigration occupies more than half of the building. It is understood that all of the space within the building is the subject of a government lease.
