HES Property Company has sold the freehold interest of the 13,000 sq ft Spinnaker House office building on the outskirts of Liverpool city centre to a private property company for more than £1.66m.
The property has been part-leased back to HE Simm & Son with the remainder of the accommodation occupied by Arthur J Gallagher Insurance at rents ranging from £12.50/sq ft to £13.50/sq ft.
Fisher German advised on optimal leaseback terms to maximise the achievable value and the company reported significant interest and competitive bidding for the asset which resulted in a sale ahead of the asking price of £1.66m.
Dominic Evans, investment partner at Fisher German, said: “By engaging with our client at the outset to fully understand the operational drivers for their business we were able to advise on advantageous leaseback terms, providing flexibility while supporting the disposal. The strong interest generated in the sale of Spinnaker House reflects the rental growth potential given the lack of availability of good quality out of town offices, close to amenity and with attractive parking provision in proximity to Liverpool city centre.”
Gregory Abrams Davidson Solicitors provided legal services to the vendor on the leaseback and the sale. The purchaser was represented by Keppie Massey Surveyors and Bermans Solicitors.
