Sale of prime city centre leisure site for £4.5m guide price

A site in the heart of Liverpool’s business district has been sold for its guide price or £4.5m.

CBRE’s operational real estate (OPRE) team in Manchester completed the freehold disposal of RSL Property Management’s leisure investment on Castle Street to Manchester-based HS Property Group.

The 16,748 sq ft prominent leisure and aparthotel investment provides an income of £293,000 pa and is home to the popular bar restaurants of Santa Maluco and Mowgli with the upper parts let to Istay Liverpool, an expanding boutique aparthotel operator with six schemes across the city centre.

The striking prominent Grade II-listed building was extensively renovated and converted in 2016 and is situated in a prime position fronting both Castle Street and Water Street in Liverpool’s commercial core, with adjacent operators including Gino D’Acampo, Rudy’s Pizza, Bacaro, Alchemist and Restaurant Bar & Grill.

Nick Huddleston, associate director within CBRE’s Manchester OPRE team, said: “We are delighted to have transacted this prominent mixed-use leisure investment in Liverpool city centre.

“The building offers a multi-let, long-term income stream in the heart of the city which continues to evolve as one of the Liverpool’s main premium bar restaurant and leisure locations.

“Investors across the North West continue to look for well-located leisure investment opportunities with long term income profiles.”

David Searle, of HS Property Group, added: “We are excited to have acquired this landmark building in the heart of Liverpool city centre.

“We continue to focus on investment and asset management opportunities across a range of sectors within Manchester, Liverpool and the wider North West.

“HS Property Group are acquisitive for more opportunities and are very much open for business.”