Edinburgh-based Sigma Capital has sold 1 St Paul’s Square in Liverpool to a private Israeli investor.
The 130,000 sq ft property, which is located off Old Hall Street in Liverpool’s central business district, was sold for less than £30m – a net initial yield of 7.7%.
Sigma subsidiary Strategic Investment Management bought 1 St Paul’s Square for £46.5m from English Cities Fund in 2006.
Sigma put the property up for sale in June, hoping to achieve £33.6m – a 7% yield. Hamburg-based investment bank HIH Global Invest came close to buying the property in September, but walked away from the deal. The eight-storey block is the HQ of regional law firm Hill Dickinson.
Cushman & Wakefield acted for Sigma; Savoy Stewart advised the buyer.
daniel.cunningham@estatesgazette.com
