PRIME OFFICE INVESTMENT FOR SALEMay 3, 2017
Worthington Owen have been instructed to bring a prime City Centre office investment to the market.
Built in 2001, The Observatory offers 20,761 sq ft of high quality accommodation over ground, mezzanine and 2 upper floors. With a distinctive glazed frontage overlooking St John’s Gardens and St George’s Hall, the building is fitted out to an exceptional high standard.
The building is let in its entirety to Liverpool Mutual Homes by way of an FRI lease expiring on 29th May 2037 incorporating tenant breaks in 2022 and 2032 at the current passing rent of £300,000 pax.
Offers are sought in excess of £3.5M reflecting an attractive net initial yield of 7.6% on the basis of the net rent received and after allowing for purchasers costs of 6.5%
Worthington Owen are acting on behalf of Promenade Estates.