A prominent mixed-use scheme right in the heart of Liverpool’s city centre has been bought in a multi-million pound deal. The building, which is home to popular restaurants and a boutique aparthotel, has changed hands for a massive £4.5 million this week, exposing how Liverpool’s property scene is still well and truly thriving despite the current climate which means great things for property jobs in Liverpool as well as the city’s local economy
The 16,748 sq ft Grade II listed building houses some of Liverpool’s most popular restaurants such as Santa Maluco and Mowgli, with the upper floors utilised by luxury aparthotel brand Istay Liverpool who possess six schemes across the city. The building, which was extensively renovated and converted in 2016, has been bought by Manchester-based HS Property Group from RSL Property Management. The asset was secured by property consultancy CBRE on behalf of HS Property Group. The building sits in a prime location as it fronts both Castle Street and Water Street surrounded by popular operators such as Gino D’Acampo, Bacaro, The Alchemist and Rudy’s Pizza as well as being opposite Liverpool’s Town Hall. This means that it acts as the intersection between Liverpool’s business quarter and the commercial city centre as well as being close to the iconic Docks. The property reportedly generates an annual income of £293,000 according to consultancy CBRE.
Associate Director within CBRE’s Manchester operational real estate team who worked on the deal itself, Nick Huddleston, states that ‘the building offers a multi-let, long term income stream in the heart of the city which continues to evolve as one of Liverpool’s main premium bar, restaurant and leisure locations.’ He also went on to say how ‘investors across the North West continue to look for well-located leisure investment opportunities with long term income profiles’ exposing how Liverpool’s property scene is perceived as a major player when it comes to long-term property investment.
David Searle, Director at HS Property Group, also added ‘we are excited to have acquired this landmark building in the heart of Liverpool city centre.’ He also echoed Huddleston’s sentiment by stating ‘we continue to focus on investment and asset management opportunities across a range of sectors within Manchester, Liverpool and the wider North West’ and that ‘HS Property Group is acquisitive for more opportunities and is very much open for business.’
The fact that there are still multi-million pound transactions taking place in Liverpool’s property market paints a very optimistic picture for the city’s property scene and property jobs in Liverpool as well. Despite the current climate that we find ourselves in, big property deals are continuing to take place here in Liverpool, in Manchester and in the wider North West meaning that when we come out of this we are confident that a thriving property market will still remain and we look forward to seeing a range of similar deals come to fruition here in Liverpool over the next few months and for the rest of the year.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Follow Rachael on linkedin or email firstname.lastname@example.org to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business.