MCR LANDS ITS FIRST ACQUISITION IN LIVERPOOL CITY CENTRE
04/06/2008
MCR Property Group (MCR) has completed the investment acquisition of a prime mixed-use scheme in the heart of Liverpool for £10.75million. Acquired from British Land plc, the deal marks the company's first in the city.
Located directly off Dale Street and adjacent to Moorfields Mersey Rail Station, No. 2 Moorfields comprises 5,898 sq m (63,494 sq ft) over ground and four upper floors. The property is occupied by a principal tenant, Norwich Union, along with Yorkshire Bank and the Secretary of State for Health.
On the acquisition, investment director, Mark Hayes, comments: "As a company we are opportunistically driven and have been looking to gain a foothold in the Liverpool market for some time. This represented an opportunity to acquire a quality building in the central business district of Liverpool, multi-let to predominantly institutional grade tenants. The building offers a number of interesting asset management initiatives, which we will be looking to trigger immediately."
"We see this as a long-term investment and we will be looking to upgrade accommodation and common parts over the next few years, which will enable us to move rents forward.
Mark Adams, partner at DDM Partners adds: "I am extremely pleased with the outcome. This is DDM Partners' third transaction with MCR in the last 12 months and there are many more in the pipeline. This reflects the strength of our working relationship and the certainty of performance our client provides."
DDM Partners acted on behalf of MCR Property Group and CBRE represented British Land.