Liverpool City Centre to Get New Tenants

Kilpatrick Property Group is calling its recent refurbishment project of office complex in the heart of Liverpool a success after a lot of interest has been shown by tenants and investors alike in the office spaces available here.

The Castle Street properties, which were recently refurbished by the property company, are highly sought after with much interest being shown by owner managed SMEs. Kilpatrick Property Group had undertaken massive refurbishment of office spaces here in the buildings located in Liverpool city centre. They have announced that deals amounting to £1m have been finalised for offices here. The group acquired the Castle Street blocks numbered 10 to 18 in 2008 for a sale price of £2.05m.

A further £500,000 has been invested towards the refurbishment of 14 Castle Street, which is a Grade II building.

Company sources have reported that three deals have already been finalised for the shared office area here. 25-year deals have been signed with owner-managed firms at nominal rents.

The first refurbished suite was taken up by FRD Risk Solutions, which acquired the space at a capital rate that was above £180 per sq ft. The total area covered by the space is about 1,840 sq ft. Another SIPP investment by a private party led to the sale of 16 Castle Street, which is to be tenanted by the Origin Rejuvenation Clinic. The basement and ground floor area covers 800 sq ft. The lease is valid until year 2018.

Yet another SIPP investment went into the purchase of 18 Castle Street, which was let out to the Furness Building Society with 7% return on sale price.

Making his comments, MD Maurice Glen of Kilpatrick Property Group said that the interest shown by investors and tenants shows the quality of refurbishment that has been done here. Glen expressed happiness at the £180 per sq ft sales proceeds, which have arisen from the deals at the time of over-saturation of the tenancy markets.

Enjoyed this item? Share it with your friends: These icons link to social bookmarking sites where readers can share and discover new web pages.