Liverpool One owner pays £19.1m for 11 units in Lord Street
Liverpool One now extends to virtually half of Lord Street, after its owner snapped up a row of shops in a £19.1m deal.
The Grosvenor Liverpool Fund (GLF) bought 52-78 Lord Street from retail property rival Land Securities.
Miles Dunnett, head of asset management for the fund, told LDP business that other acquisitions in the city were possible, but stressed they were not actively looking.
The deal for the 11 retail units, totalling 55,000 sq ft, gives GLF ownership of the majority of property on one side of Lord Street between Paradise Street and South John Street.
Fully let, it is home to Specsavers, French Connection, Yorkshire Building Society, Dollond & Aitchison Opticians, Home Bargains, Co-op Travel and Games Station.
The transaction – which represents an initial yield of 6.4% – means GLF owns the entire block with the exception of the building housing the McDonald’s restaurant on the corner of Paradise Street.
Mr Dunnett said: “This acquisition both reaffirms our commitment to Liverpool, a city that is thriving, and strengthens the wider Liverpool One offer.This gives us a presence in a part of the city centre that is going places.
“We fundamentally believe that Liverpool retail will grow.”
Mason Owen acted for the Grosvenor Liverpool Fund and Lunson Mitchenall acted for Land Securities.
Land Securities is also the owner of the St John’s and Clayton Square shopping centres in the city.
The £1bn Liverpool One scheme opened in two stages in 2008 – Liverpool’s year of Capital of Culture.
And, despite the tough economic climate, its mix of retail and leisure facilities has proved a hit with shoppers from across the North West and beyond.
Last December, GLF agreed in principle a five-year, £385m refinancing with four banks – well ahead of its existing borrowing maturing in January, 2012. It replaces the original funding which was put in place six years ago to cover both the development phase and the initial period of trading.
As well as Liverpool One, the main Grosvenor business also continues to manage and develop assets in other areas of the city.
These include the former George Henry Lee building, in Church Street, which it acquired in a deal that saw previous occupier John Lewis move into Liverpool One.
DIY retailer Rapid occupies part of the site, but Grosvenor is actively seeking tenants for the remainder – some 40,000 sq ft over five floors.
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