£20m acquisition marks ‘turning point’ for iconic Liverpool office building

A modern office building in the heart of Liverpool’s business district has sold for almost £20m.

Canmoor, the commercial property firm, has acquired the freehold of 20 Chapel Street for British Airways Pension Trustees Limited (BAPTL).

Following the transaction, the site’s new owners plan to invest in repositioning the property as one of Liverpool’s premier office offerings. The work, to be carried out this summer, will include refurbishing 20 Chapel Street’s ground-floor reception and vacant offices, which account for around one third of the building’s space.

Built in 2008, the property comprises 155,000 sq ft of Grade A offices across the ground floor and 15 uppers storeys.

Canmoor director Tom White said: “20 Chapel Street forms a key part of the Liverpool Commercial Business District and we are delighted to have acquired this landmark office.

“We are committed to breathing new life into the building as well as engaging with the business community to further improve the district.”

He continued: “Liverpool city centre is a thriving hub of commercial activity, with strong occupier demand driven by business expansion as well as significant residential conversions triggering a flight to quality.

“The difference in rents between Grade A and B office stock is minimal, but we see this gap increasing as businesses look to upgrade the quality of their premises as supply tightens.”

Current tenants of 20 Chapel Street include professional services firm Ernst & Young, Premier League club Liverpool FC, accountancy firm RSM (formerly Baker Tilly) and Barclays Bank.

Following the deal, Liverpool property consultancy firm Worthington Owen has been retained as the site’s leasing agent. Estate agents Savills has been chosen to manage the property.

Canmoor and BAPTL were advised by B8, while Worthington Owen advised the seller.

Andrew Owen, the co-founder of Worthington Owen, commented: “The recent acquisition of 20 Chapel Street by Canmoor on behalf of BAPTL marks a turning point in the history of this building.

“The new owners have exciting plans to invest in 20 Chapel Street which should return it to its rightful place as one of the best business addresses in the city.”

He added: “20 Chapel Street occupies an excellent central location and this, combined with the quality of the office space on offer and stunning river views, marks it out amongst the competition.

“The reducing stock of office accommodation within the city centre is well documented and it is highly likely that the vacant space within 20 Chapel Street and other grade A and equivalent buildings will soon be gone.”