A prominent Liverpool city centre office block has been acquired for £40m by a group of Far East investors.
Twenty Chapel Street was sold by British Airways Pension Fund to the overseas investor, with the building comprising of 155,391sq ft of high-quality office space across 13 storeys.
Built in 2007, it's over 90% let to tenants that include Liverpool FC, Barclays Wealth, RSM and Ernest & Young.
Allsop acted on behalf of the buyer - a group of investors from the Far East.
Jeremy Hodgson, partner for national investment at Allsop, said: “Despite the current challenging market conditions, Twenty Chapel Street represented a great opportunity to buy one of the best Grade A office buildings in Liverpool that will provide excellent potential for strong rental growth.
"The calibre of tenants that already occupy the building demonstrates the demand for high-quality office space in the city”.
Allsop said the purchase reflected a net initial yield of 6.29% and a capital rate of approximately £250psf.
The firm said the building's large floor plates offer a flexible and efficient working environment - and the building was recently subject to a refurbishment of the common areas, including the construction of a new cafe on the ground floor.
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In addition, Allsop were involved with the sale of First Street Manchester, a multi-let retail and leisure investment in the heart of the city centre, which the same client acquired this year for £11.5m, reflecting a net initial yield (NIY) of 6.63%.
Allsop acted on behalf of the purchaser. The vendor British Airways Pension Fund were represented by Morgan Williams.