Queen Square office changes hands for £3.7m

Promenade Estates has sold The Observatory in Liverpool to social housing provider Torus for £3.65m, with the 21,000 sq ft building to become the housing group’s head office following its merger with Liverpool Mutual Homes.

The Torus Group, which includes housing providers Helena Partnerships and Golden Gates Housing, merged with Liverpool Mutual Homes in 2018 to create one of the North’s largest housing organisations.

The building at Queen Square completed 18 years ago and has been fully let ever since, forming part of the wider 660,000 sq ft of the site. It will act as Torus’ headquarters following the purchase.

Promenade’s sale follows other recent disposals by the business, including the Marine Point development in New Brighton to Aprirose; the Ramada Plaza in Southport to Bliss Estates, and a waterfront residential scheme at Albert Dock, sold to the Vista Fund.

Promenade’s managing director Daniel Hynd said the company was “on the look-out for suitable opportunities” for reinvestment following the sales.

“[Queen Square] was the first institutional-grade development in the city for years and it changed the outlook on Liverpool,” he said.

“We secured blue chip retail, hotel, office and leisure occupiers and they’re all still thriving.  I’m delighted that the Observatory has become the HQ for such a prominent regional organisation.”

Steve Coffey, Torus chief executive, added: “As a housing group, our focus is on investing in our three heartland areas of Liverpool, St Helens and Warrington; building new homes, improving existing ones and delivering initiatives that change lives.

“Our purchase of The Observatory underlines our long-term to commitment to Liverpool, its people and the communities we serve.”

Worthington Owen advised Promenade Estates on the disposal, while Torus represented itself. Brabners acted as legal adviser for both parties, and the yield was not disclosed.

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