In a deal which spearheads the further regeneration of Liverpool city centre, Commercial Estates Group (CEG), in partnership with Anglo Scandinavian Estates, has completed the acquisition of Exchange Station from the Homes and Communities Agency (HCA). Exchange Station is one of Liverpool’s most significant buildings in the heart of the city’s central business district.
CEG’s investment of approximately £20 million will see a phased £7million refurbishment of one of the city’s most popular office schemes. Located on Tithebarn Street, the former Victorian railway station, which was built in 1888, was developed almost 100 years later in 1986 by English Estates. The historic 19th century façade was retained and the 190,000 sq ft of office accommodation was created in the basement, on the ground floor and five upper floors.
The announcement comes after the HCA acquired the scheme in April 2014 following the closure of Space Northwest. Since then, CEG and HCA have worked closely to facilitate a deal which will deliver the best value for this prime asset and further support the city’s regeneration plans.
Speaking about the acquisition, Brian Ricketts, Partner and Head of Office Agency at Hitchcock Wright & Partners, who advised CEG, said: “Having identified Exchange Station as a sound investment opportunity, we immediately approached CEG, who have had a long association with Liverpool and are one of the city’s main landowners. This deal further cements CEG’s position as a long-term investor in Liverpool and the wider city region and the company is now undertaking a comprehensive refurbishment of the office space, which is due for completion in summer 2016.”
Deborah McLaughlin, Executive Director, North West at the HCA, said: “Exchange Station is one of Liverpool’s important grand buildings and is of great significance in the city, forming a cornerstone of the central business district. Exchange Station benefits from significant investment including the remodeling of the Atrium, and the creation of a café and great new work space suitable for smaller business for which there is great demand in Liverpool. This deal sees Exchange Station move back into the hands of the private sector and we are confident that CEG will ensure the building achieves its fullest potential.”
Exchange Station provides office suites of varying sizes on a site of circa 1.03 hectares (2.54 acres) with basement car parking for 206 cars.
JLL represented HCA.
Quoting rent in the office is £15/sq ft.
The building was purchased for an undisclosed sum.