One of Liverpool’s iconic office buildings has been sold for nearly £20 million.
Canmoor have bought the freehold to 20 Chapel Street, in which Liverpool FC, Ernst & Young and Barclays Bank are high-profile tenants, on behalf of British Airways Pension Trustees Limited (BAPTL).
Plans for significant investment set to be made to the prime office space with the ground floor reception and vacant office accommodation in the 155,000 sq ft property, which accounts for a third of the building, set to undergo a comprehensive refurbishment over the summer.
Tom White, director at Canmoor, said: “20 Chapel Street forms a key part of the Liverpool Commercial Business District and we are delighted to have acquired this landmark office.
“We are committed to breathing new life into the building as well as engaging with the business community to further improve the district.
“Liverpool city centre is a thriving hub of commercial activity, with strong occupier demand driven by business expansion as well as significant residential conversions triggering a flight to quality.
“The difference in rents between Grade A and B office stock is minimal, but we see this gap increasing as businesses look to upgrade the quality of their premises as supply tightens.”