Investment Opportunity For Sale. Vincent House Stanley Street Liverpool L1 6AA

Transcription

1 Invesmen Opporuniy For Sale Vincen House Sanley Sree Liverpool L1 6AA

2 LIME STREET STATION VINCENT HOUSE MET QUARTER MOORFIELDS STATION TOWN HALL CAVERN QUARTER MALMAISION LIVEROOL ONE CROWNE LAZA JAMES ST. STATION MANN ISLAND IER HEAD s S Leed Huner S ll ha ux Va Rd Mahew S and Sr Lord S es S Jam Lime S ree Old Ha ym ark e Church S Cenral r ve no Ha S rsey Duke Sre e l Hil ras e pp Co Brownlo Mo un ree ws sha Ren r Me r S rke a ree S ld Bo hn S Souh Jo Rive ds ran S Liverpool ONE aradise S le S Cas MeQuarer Whie chap el ia S or Vic Lime Sree e Sre Lime S Cook S ick nsw u r B James S S all ssh S Cro as om Th Sir ys nle Sa S er Wa London Road S George s Hall es Dal ree hn S h Jo Nor Town Hall Birkenhead Tunnel Moorfields s eld orfi Mo S pel Cha Ti ge han s ExcS Ea ee Gor The building benefis from excellen public ranspor conneciviy. Moorfields Merseyrail saion which links Royal Liver he area wih boh he local rail nework and Lime SreeBuilding is close by and here are several muli-sorey car parks in he viciniy. Moorfields (Old Hall S) S ord mf Ru The Me Quarer reail/leisure scheme and Mahew Sree home o shops, bars, resaurans and hoels are a shor sroll away. l e re ord ll S mf Ha Ru Old Wih a prominen fronage o Sanley Sree which runs beween Dale Sree and Vicoria Sree Vincen House lies wihin he vibran Sanley Sree Quarer in Liverpool s commercial core. he ba rn S ree LOCATION

3 INVESTMENT SUMARY Muli-le ciy cenre office invesmen opporuniy 15,358sqf over basemen, ground and six upper floors rominen posiion in he vibran Sanley Sree quarer Well mainained and in excellen condiion hroughou Curren passing ren of 111,974 pax. Opporuniy o increase renal income by leing voids oenial for alernaive uses and he creaion of addiional floors (subjec o planning) Offers sough in excess of 1.65M (Subjec o Conrac) Capial value of 107psf

4 DESCRITION Vincen House provides office accommodaion on ground and five upper floors. All office suies have perimeer runking and are heaed by a gas-fired we cenral heaing sysem. Toiles are on ground, second and sixh floors and here is exensive basemen sorage. ACCOMMODATION The propery has he following Ne Inernal Areas: SQFT SQM Basemen Ground 1, Firs 2, nd 2, rd 2, h 2, h 2, h TOTAL 15,358 1,426.8 Ground Floor Fifh Floor

5 LIVEROOL OFFICE OCCUATIONAL MARKET Take-up during 2017 was 396,496 sqf which was 16% higher han in 2016 and he highes ake up since The average deal size increased o he figure of 3,964 sqf as compared o 1,936 sqf and 2,880 sqf in 2015 and 2016 respecively promises o be a bumper year for he Ciy ake up for H1 is already a 337,928 sqf and we anicipae ha he final figure is likely o exceed 500,000 sqf his is largely due o he 270,000 sqf leing of India Buildings o HMRC, he bigges single leing he Ciy has ever recorded. The Ciy s oal office sock coninues o fall, his reducion having largely been driven by he conversion of many of he Ciy s older sock o alernaive uses such as residenial and/or hoel use. The curren sock level sands a around 5.6M sqf a reducion of 1.15M sqf since recoded levels in The level of vacan sock has equally reduced over recen years; his sood a 958,083 sqf a he end of 2017 bu his figure has already fallen o close o 600,000 sqf and may well reach half a million square fee by he end of Much of his sock remains of a poor qualiy falling wihin grade C and D needing refurbishmen so he underlying availabiliy wihin he Ciy is acually much less which is having a posiive effec on rens and incenive levels. Headline rens have remained firm since 2014 and here is increasing evidence ha hese are saring o increase in some of he Ciy s bes buildings. Inducemens are equally saring o erode from hisoric levels of 40% o 25% of headline rens. We anicipae erms o coninue o improve over he nex 12 monhs given falling sock levels. Address Tenan Dae Area SF Noes Compon House, Liverpool One Tempes, Tihebarn Sree Coon Exchange, Bixeh Sree Ciy Hears Mar ,211 sqf yrs/break yr5 Capaciy Labs Feb ,298 sqf yrs/break yr5 Larklaw Jan ,111 sqf yrs/break yr5 No4 S auls Square avis Financial Dec ,842 sqf yrs/break yr5 Exchange Moun Group Dec ,593 sqf psf 5 yrs LIVEROOL OFFICE INVESTMENT MARKET Over he las few years he Liverpool invesmen marke has seen an increased level of aciviy and we would summarise some of he more relevan ransacions ha are eiher on he marke or have been compleed as follows: Address Area Saus Noes Federaion House, Hope Sree 21,119 sqf Sold - 2,400,000 ( 114 psf) Muli-le building wih offices above reail. Cenric House, Moorfields Yorkshire House, Chapel Sree The Observaory, Queen Square 27,238 sqf Sold - 3,300,000 ( 115 psf) Refurbished parly-le office building (Cap val excludes value of car parking) 24,411 sqf Sold - 2,740,000 ( 112 psf) eriod muli-le office building 20,761 sqf Under offer - 3,500,000 ( 169 psf) Modern office building le o Liverpool Muual Homes No1 Union Cour 36,050 sqf Sold - 4,250,000 ( 118 psf) Muli-occupied 1970s office wih ground floor reail

6 TENANCY SCHEDULE Demised remises Ground & 1s Floor Second Floor Area (SQFT) Occupier 4,637 Quinn Melville Barrow LL 2,171 Quinn Melville Barrow LL Term (YRS) Lease Sar Lease Expiry Nex Review assing Ren ( pax) Ren ( psf) ERV ( psf) ERV ( pax) COMMENTS 10 28/10/10 27/10/20 28/10/15 43, ,963 Opporuniy o re-gear exising lease 8 28/03/12 28/10/20 28/10/15 19, ,967 Opporuniy o re-gear exising lease Third Floor 2,523 Vacan ,015 Requires refurbishmen Fourh Floor & Basemen Fifh & Sixh Floors 3,435 JLT Managemen Services Limied 2,592 arker Kelly Financial Services Ld 5 28/10/10 27/10/15 28/10/13 27, ,785 Holding over and due o vacae 10 28/10/10 27/10/20 28/10/16 20, ,808 Opporuniy o re-gear exising lease TOTAL 15, , ,537 TENANT COVENANTS QUINN MELVILLE BARROW LL Incorporaed in 2005, Quinn Melville Barrow rades as Quinn Barrow; a limied liabiliy parnership offering legal services such as commercial, liigaion, family, wills, probae and conveyancing. ARKER KELLY arker Kelly Financial Services Ld is a well-esablished Regional Independen Financial Advisory Business incorporaed in SERVICE CHARGE All leases are drawn on effecive fully repairing and insuring erms subjec o he paymen of a service charge. Furher service charge deails available upon reques. ASSET MANAGEMENT OORTUNITIES Opporuniy o re-gear exising leases and le vacan accommodaion oenial o develop addiional floor/s a roof level (subjec o planning) oenial for conversion ino alernaive uses (subjec o planning) TENURE Freehold EC EC Cerificaes are available upon reques VAT We undersand ha he propery is no eleced for VAT and herefore VAT will no be payable on he purchase price. ROOSAL We are insruced o seek offers in excess of 1,650,000 for he freehold ineres in his highly aracive office building. A sale a his level represens an aracive capial value of 107psf FURTHER INFORMATION ANDREW OWEN T E. andrew@worhngonowen.com MARK WORTHINGTON T E. mark@worhingonowen.com Misrepresenaion Ac These deails are provided only as a general guide o wha is being offered subjec o conrac and subjec o lease being available and are no inended o be consrued as conaining any represenaion of fac upon which any ineresed pary is eniled o rely. Oher han his general guide neiher we nor any person in our employ has any auhoriy o make, give or imply any represenaion or warrany whasoever relaing o he properies in hese deails. All floor areas have been calculaed from archiec s plans on a Ne Inernal basis bu are subjec o on sie measuremen. July DESIGNED AND RODUCED BY