The Grosvenor Liverpool Fund has purchased 52-78 Lord Street in the centre of Liverpool from Land Securities for £19.1m – a 6.4% initial yield.
The multi-let property, which is situated between South John Street and Paradise Street, comprises 11 shops totalling 55,000 sq ft. It is fully let to Specsavers, French Connection, Yorkshire Building Society, Dollond & Aitchison Opticians, Home Bargains, Co-op Travel and Games Station.
Grosvenor Liverpool Fund’s acquisition will allow the boundary of Liverpool ONE to be extended, increasing its presence on the main pedestrian route to reach South John Street from Church Street.
Miles Dunnett, asset manager for the Grosvenor Liverpool Fund, said: “This acquisition both reaffirms our commitment to Liverpool, a city that is thriving, and strengthens the wider Liverpool ONE offer.”
“Active asset management of 52-78 Lord Street to improve the visibility, size and appeal of its units will create new opportunities for retailers. Consistent with our approach on Liverpool ONE, this will help to bring more new brands to the city, further improving the offer for visitors.”
Mason Owen acted for the Grosvenor Liverpool Fund and Lunson Mitchenall acted for Land Securities.
annabel.dixon@estatesgazette.com
