Bruntwood puts biggest city asset on market for £57.5m
BRUNTWOOD has put its largest asset in Liverpool, the Plaza office building in Old Hall Street, on the market for £57.5m.
Family-owned property firm Bruntwood bought the 14-storey former Littlewoods HQ for £24.5m in 2003 and carried out a full refurbishment and installed a new entrance onto St Paul’s Square.
The Plaza is 90% let and has 31 tenants paying annual rental of £5m. If the asking price is realised, it would reflect a net yield of 8.25%.
Tenants include Weightmans, US Airways, Investec Wealth, the Co-operative Bank and shipping line Maersk Group.
Bruntwood discussed the future of the 370,00sq ft building at a recent board meeting before deferring a decision on whether to sell, but has subsequently instructed agent CBRE to bring the building it to the market.
The building includes four retail units, with one vacancy. Two of the units are let to WH Smith and one to Saladbox. There are also 137 car parking spaces.
No-one was available for comment at Bruntwood.
