Green Property has sold the grade II* listed India Buildings, one of Liverpool’s most iconic properties, to Shelborn Asset Management Limited, on behalf of overseas clients, for £17m (€22.4m).
India Buildings dominates Liverpool’s traditional office district and occupies an entire city block between Water Street and Brunswick Street, in the heart of Liverpool's commercial centre.
Constructed between 1924 and 1932, the landmark asset comprises a total of 500,000ft² (46,450m²), arranged over 10 floors above ground and basement and sub-basement levels. One of the most prominent features of the building is the Holts Arcade, a barrel-vaulted retail arcade which runs the length of the building. India Buildings also has its own entrance to James Street underground station.
While Green Property has implemented a substantial asset management programme since acquiring the building in 2009, significant opportunities remain, as well as reversionary income, and there is potential for conversion to alternative uses, including residential and hotel. The property is currently home to a number of office tenants including DLA Piper, Colliers International and Citizens Advice Bureau, and when fully let the potential estimated rental value for India Buildings is over £5m (€6.9m) per annum.
Mike Tapp, director of Green Property said: "India Buildings is a truly stunning office building of outstanding external architecture and internal public space, offering rich potential to house modern office accommodation, or indeed other uses. Our 35,000ft² (3,250m²) refurbished 5th floor has delivered some of the highest quality office space seen in Liverpool.”
CBRE and Worthington Owen represented Green Property and Knight Frank acted for Shelborn Asset Management Limited.
