Fund manager London & Capital has won the race to secure the City Square office building in central Liverpool at a record yield for the city of 4.6%.
The building, being sold by Close Brothers, was bought for £49m, exceeding its asking price by around £4m.
City Square is 95% let to government departments at £16.50-£17.50 per sq ft, producing £2.5m pa in rent.
The 148,000 sq ft block on Tithebarn Street had been the subject of huge interest from various buyers thought to include Legal & General and Morley Fund Management.
It was originally developed by Shepborough Developments and sold to a Close Brothers fund, Fixed Uplifts Properties, in 2004 at a yield of 6.48%.
King Sturge advised the vendor.
References: EGi News 10/01/07
