59 - 61 Church Street & 1 - 3 Parker Street
Liverpool
Merseyside
L1 1DJ

Highly Reversionary Freehold Retail Ground Rent Investment

  • Two prime retail units in heart of City Centre with substantial upper parts comprising 1,204 sq m (12,959 sq ft)
  • Entirely let to The Prudential Assurance Company Limited with major reversion in 2046 (circa 28 years)
  • Currently sublet to tenants trading as Co-operative Bank and Schuh at a total subrent of £410,000 pa.
  • Nearby occupiers include Liverpool ONE, TK Maxx, Primark, Marks & Spencer and Superdrug
  • Lot
    17
  • Auction
    07/Dec/2017
  • Rent
    £4,425 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,500,000
  • Sector
    Ground Rent
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Liverpool City Council
Important Property Update
  • 59 - 61 Church Street & 1 - 3 Parker Street<br>Liverpool<br>Merseyside<br>L1 1DJ
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Property Information

Location
Miles
30 miles west of Manchester
Roads
A57, A5036, A59, M53 (Junction 1)
Rail
Liverpool Lime Street Station
Air
Liverpool John Lennon Airport
Situation

Liverpool is the second largest city in the North West of England and is one of the most popular retail and tourism destinations in the UK. The property occupies a prominent corner position on the pedestrianised Church Street, at its junction with Parker Street, Liverpool's prime retailing pitch. Clayton Square Shopping Centre is also located immediately opposite the property and comprises a recently refurbished scheme with occupants including Boots, Clas Ohlson, Peacocks, Maplin and Poundworld. The property benefits from strong footfall from Liverpool Lime Street Rail Station to the north-east and Liverpool ONE to the south-west. Other nearby occupiers include TK Maxx, Primark, Marks & Spencer and Superdrug.

Tenure

Freehold.

Description

The property comprises a substantial six storey building currently arranged to provide two retail units and ancillary accommodation. 59-61 Church Street comprises a ground floor retail unit with ancillary accommodation over basement, first, second, third, fourth and fifth floors. 1-3 Parker Street comprises a ground floor retail unit with basement ancillary accommodation.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
59-61
Church
Street




1-3 Parker
Street
Ground
Basement
First
Second
Third
Fourth
Fifth
Ground
Basement
Retail
Ancillary
Office/Ancillary
Ancillary
Ancillary
Ancillary
Ancillary
Retail
Office/Ancillary
119.6 sq m
142.0 sq m
191.0 sq m
156.2 sq m
150.0 sq m
150.0 sq m
150.0 sq m
80.91 sq m
64.61 sq m
(1,287 sq ft)
(1,528 sq ft)
(2,055 sq ft)
(1,681 sq ft)
(1,614 sq ft)
(1,614 sq ft)
(1,614 sq ft)
(870 sq ft)
(695 sq ft)
THE PRUDENTIAL
ASSURANCE
COMPANY
LIMITED (1) Part
sublet to Schuh
Limited (2) and
part sublet to Cooperative
Bank Plc
(3)
99 years
from
05/03/1947
£4,42504/03/2046
Totals 
1,204 sq m
(12,959 sq ft )
  £4,425 

(1) For the year ending 31st December 2016, The Prudential Assurance Company Limited reported a turnover of £33,093,000,000, pre-tax profits of £2,315,000,000 and a total net worth of £13,603,000,000 (Source: Experian Group 10/11/2017).
(2) 59-61 Church Street has been sublet to Schuh Limited on a 15 year lease from 01/04/2005 at a rent of £300,000 pa.
(3) 1-3 Parker Street has been sublet to Co-operative Bank Plc on a 10 year lease from 14/09/2016 at a rent of £110,000 pa.

Property Documents

  • Catalogue Page
    Updated Date
    14.11.17
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    14.11.17
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Liverpool City Council Liverpool City Council, Cunard Building, Water Street
Liverpool
L3 1QB
Simon Morgan 0151 233 0218Simon.Morgan@liverpool.gov.uk

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