Jolivet buys No 1 Tithebarn

GUERNSEY-based Jolivet Investments has acquired the 115,000 sq ft No 1 Tithebarn office block in Liverpool for around £5.3m.

The office is said to be the largest in the city to change hands since 2011.

The sale price represents an initial yield of about 9%. The identity of the vendor was not disclosed.

Jolivet is building a North West portfolio which includes an industrial unit at Wirral Business Park, Quay Business Centre in Warrington, Moorgate Point, Knowsley and International House in Speke.

The business is led by Simon Storer, who previously worked at Lambert Smith Hampton and Brady Chartered Surveyors in Manchester.

He said: “No. 1 Tithebarn is a strategic acquisition for us and is the largest single asset in the portfolio, which is now valued at in excess of £75m. We intend to hold the building for the long-term and will therefore be relocating our management offices to the building so that we can ensure the building is working for our existing tenants and that we are doing our best to attract new occupiers.”