Commercial Estates Group secures buyers for two Merseyside office schemes

Property development firm Commercial Estates Group (CEG) has sold off two office schemes in Merseyside.

The company completed the disposal of 60 Old Hall Street, an eight-storey scheme promising around 49,991 sq ft that was snapped up by hotel and apartment operator Signature Living for £1.8m.

Property consultancy WHR Property represented CEG during the transaction.

WHR partner Rupert Barron said of the sale: “60 Old Hall Street is indicative of where the market currently stands.

“Vacant buildings being brought back into use is a strong indication of recovery, which has been rippling out of London, into the regions with Liverpool attracting its share of attention.”

The news follows the unveiling of developer Palladium Group’s plans to transform two other properties on the city centre street.

Rupert continued: “We had a number of interested parties that were looking at alternative uses, such as residential for PRS or Student. Many of these were locally based developers, which understand the Liverpool market.”

A separate deal saw CEG secure a buyer for two detached office buildings at Puma Court in the Knowsley area. Lancashire-based property investment company Harperhouse Group acquired the properties in a transaction representing a net yield of 11.36% for CEG.

WHR Property’s associate partner, Oliver Rowe, commented: “Having acquired the buildings a number of years ago as part of a larger portfolio, my client felt it was the right time to sell and reinvest the proceeds into other opportunities in the North West.

“The investment will sit well within Harperhouse Group’s portfolio, exactly matching their requirement to acquire offices with scope to add value through asset management.”

Andrew Owen of Worthington Owen, a newly formed property consultancy in Liverpool, acted on behalf of Signature Living, while Harper House Group remained unrepresented.