Home / News / Industry News / Fiera Real Estate sells Very Group’s 11.5-acre award HQ office campus for over GBP38 million

Fiera Real Estate sells Very Group’s 11.5-acre award HQ office campus for over GBP38 million

Fiera Real Estate is pleased to announce the sale of its 11.5-acre Skyways House site in Speke, Liverpool to Corum XL, a fund managed by Corum Asset Management.  The asset was offered to the market at a quoting price of GBP38.88 million, reflecting a net initial yield of 6.50  percent. The final sale price remains undisclosed. This represents the first asset sale for the Fund on behalf of KFHC investor clients, which focusses on offering investors long, strong and progressive income concentrating on office, out-of-town retail, and industrial sub-sectors.

The iconic award winning building in Speke comprises of three units totalling 194,384 square feet and is let with ca.14 years unexpired to Shop Direct Home Shopping Ltc. The building is the HQ office of the Very Group, the UK’s largest Pureplay Online Retailer which is home to c.1,700 staff and senior management and comprises of two Grade A offices and a secure data centre. The site also offers self-contained amenities including a restaurant, café and a large car park. The lease has benefitted from fixed rental uplifts at 2.5  per cent per annum compounded every five years, ensure a consistently improving income receipt. 

CBRE acted for the vendor and Cushman & Wakefield acted for the purchaser.

Source: fierarealestate.co.uk on the 17th November
(https://www.fierarealestate.co.uk/news/fiera-real-estate-announces-sale-of-the-very-groups-11-5-acre-award-winning-hq-office-campus-for-over-38m/)