Palace Capital plc has acquired Liverpool’s mixed-use One Derby Square building in a £14 million deal.
The listed property investment company has purchased the freehold interest of the site, which is occupied by tenants including Pret a Manger, Tesco, Medicash, Reed Specialist Recruitment and Brook Street (UK).
Comprising one leisure and six retail units on the ground floor, and 47,500 sq ft of offices across four further floors, the city centre property currently produces a net income of around £1m per annum.
Neil Sinclair, chief executive of Palace Capital, says: “One Derby Square is centrally located, close to the Liverpool ONE development on Paradise Street, in a city which forms part of the Northern Powerhouse and which is going through a very considerable renaissance.
“We are pleased to make this investment.”
Simon Bland, managing director of Mason Owen which acted on behalf of the investor, says the deal rounded off a “productive” 12 months for Liverpool property market.
He adds: “Despite the foreseeable challenges across the retail sector, the city is exceeding expectations with both office and industrial growth remarkably positive.”