Office investment sells in seven-figure deal following strong interest

A prominent office investment on the outskirts of Liverpool city centre has been sold in a seven-figure deal

Spinnaker House, a 13,000 sq ft office, was sold by commercial property consultancy, Fisher German, for a figure above the asking price of £1.66m after a strong marketing campaign, on behalf of HES Property Company.

The high specification property was part-leased back to HE Simm and Son with the remainder of the accommodation occupied by Arthur J Gallagher Insurance at rents ranging from £12.50-£13.50 psf.

Fifty three parking spaces provide an attractive parking ratio of 1:244.

Fisher German advised on optimal leaseback terms to maximise the achievable value.

Following a coordinated marketing campaign, highlighting the strong ESG credentials including a 43-panel roof-mounted solar array, significant interest was generated leading to competitive bidding resulting in a sale to a private property company.

Dominic Evans, investment partner at Fisher German, said: “By engaging with our client at the outset to fully understand the operational drivers for their business we were able to advise on advantageous leaseback terms, providing flexibility while supporting the disposal.

“The strong interest generated in the sale of Spinnaker House reflects the rental growth potential given the lack of availability of good quality out of town offices, close to amenity and with attractive parking provision in proximity to Liverpool city centre.”

Gregory Abrams Davidson Solicitors provided legal services to the vendor on both the leaseback of part and overall sale.

The purchaser was represented Keppie Massey Surveyors and Bermans Solicitors.