M7 Real Estate has acquired Liverpool’s Graeme House office building from Downing for £8.07 million.
The 87,002 sq ft Derby Square scheme is currently 92% let to tenants including The Secretary of State for Communities & Local Government and Keaney & Co Solicitors.
M7 Real Estate purchased the property on behalf of M7 Real Estate Investment Partners. The £8.07m deal represented a net initial yield of 13.5%.
Located near to the Liverpool ONE shopping and leisure complex, other tenants of Graeme House include Reed In Partnership and New College Manchester.
Will Hunting, senior acquisitions manager for M7 Real Estate, says: “The acquisition of Graeme House demonstrates M7’s long standing track record in purchasing assets where there is scope to create further value through our multi-let strategy.”
John Clegg, head of property management at Downing, adds: “Downing has been a proud custodian of Graeme House for many years and has invested heavily to upgrade this landmark building to a high standard.
“With the building in great condition and almost fully let, we felt the time was right to see it pass into new hands and look forward to seeing Graeme House continue to thrive under new ownership.”