Developer Glenbrook acquires Grade II-listed Liverpool property from MCR

Property investor and developer Glenbrook has acquired a Grade II-listed building in Liverpool.

No.1 Temple Square, purchased from MCR Property Group, is an 18,761 sq ft office building located off Temple Street in the city centre.

Current tenants of the property, which is 60% let, include law firms Canter Levin Berg and Kirwans.

The deal is Glenbrook’s first acquisition since appointing Chris Lloyd as investment director last month and follows its £6.4m disposal of The Beat in Liverpool city centre earlier this year.

Chris Lloyd said: “Liverpool has and always will be an attractive investment location for Glenbrook.

“With such a high proportion of Liverpool’s office stock either let or bought for redevelopment to other uses, we see 1 Temple Square as providing a quality option for occupiers in the city centre.”

He continued: “With the potential of a successful Commonwealth Games bid, the completion of Liverpool 2, and the GPU acquiring the whole of India Buildings, the city has exciting times ahead.

“Having successfully acquired the building off market, we are now planning significant investment in the building over the next couple of months with a view to relaunching the product to the market in September. We are looking at similar assets in both the office and industrial sectors, where we can add value through proactive tenant engagement and speculative refurbishment.”

MCR Property Group asset manager Nick Lake commented: “One Temple Square is a fantastic building in a great part of Liverpool that has improved no end over the past few years.

“We bought the property in early 2015, and felt it was the right time to sell as it suits us to focus on other opportunities.”

He added: “MCR Property Group has a multi-sector growth strategy. We have over 3,500 residential units in the pipeline and will continue to add to our 4 million sq ft of commercial space.”

Both Glenbrook and MCR Property Group represented themselves in the deal.

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