Liverpool HMRC building sold for £7.9m
A GOVERNMENT-let office building in Liverpool has been sold for £7.9m, reflecting a net initial yield of 7.49% and a capital value of £98per sq ft.
Located close to the city’s business district on James Street, Regian House totals 80,833sq ft over nine floors. It is fully occupied by HM Revenue & Customs (HMRC).
The property was purchased by Autumn Properties, a South African fund. Knight Frank acted for vendors Delta Properties.
Steve Carrick, investment partner at Knight Frank said: “There has been a limited number of investment opportunities in Liverpool in recent years, but demand is increasingly competitive as investors start to look outside of Manchester for their returns.
“As a result, Regian House was a very attractive proposition, which resulted in several offers and the property selling for £500,000 more than the asking price.”
Regian House has been occupied by HMRC since it was first built in the 1970s. More than 600 of its employees relocated to the property following the vacation of the Queens Dock Building.
