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Birmingham Post
Birmingham Post
Business
Jon Robinson & Liam Thorp

City centre office block handed £35m price tag by investment giant Abrdn

A price tag of £35m has been given to an office block in Liverpool city centre.

Offers in excess of £34.8m are being sought by investment giant Abrdn for No 5 St Paul's Square, which is currently fully let.

The office, one of a number in St Paul's Square in Liverpool's central business district, is currently fully let to tenants - including global legal firm DWF, which occupies 42,000 sq ft across three floors, reports the Liverpool Echo.

READ MORE: Liverpool John Lennon Airport expansion plans remain on hold

The rest of the 136,000 sq ft office block is taken out by Denholm Logistics Group and Reach PLC North West - including the Liverpool Echo.

The nine-storey building, which completed in 2008 and features 16,000 sq ft of ground floor retail space, currently generates an annual rental income of £2.4m.

Abrdn also owns the 107,000 sq ft No 4 St Paul's Square, having acquired it for £18m from English Cities Fund in 2017.

News of what could be a big sale in the city's business district comes after another key office building was sold.

It was revealed yesterday that the 101 Old Hall Street building, which famously houses Liverpool's Passport Office, had been sold by Palm Capital to London-based investor Priory RE for £39m.

The building is well known for housing the HM Passport Office and the UK's Visa and Immigration Department, which together occupy 84,500 sq ft of the building in Liverpool's business district - accounting for 64% of the total floor space.

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