The Homes & Communities Agency is preparing to sell the historic 193,000 sq ft Exchange Station in Liverpool in a test of institutional appetite for regional property.
JLL has been appointed to sell the mixed-use development on the site of a disused Victorian railway station.
It is the most prominent asset in the HCA’s defunct NorwePP joint venture with Aviva Investors. An asking price has not yet been agreed.
However, as a rare opportunity for a large value-added asset in the central business district, it is expected to attract bids of up to £50m. Exchange Station is about 50% let at rents around £15 per sq ft.
It also has the potential for 15,000 sq ft of shops to be built at ground level.
The sale will be keenly watched as a test of confidence in Liverpool, which has so far failed to emulate the appeal of neighbouring Manchester to institutional investors.
The HCA took ownership of the property in 2014 after it reached an agreement with Aviva to shut down the -NorwePP joint venture.
