Beetham court sold in £2.76m deal

Dec 19 2007 by Tony McDonough, Liverpool Daily Post

BEETHAM Court, in Liverpool city centre, has changed hands in a deal worth £2.76m.

The 17,268 sq ft period building, located on the junction of Tithebarn Street and Pall Mall, was purchased on behalf of Liverpool-based Three60 Property Investors from the Beetham organisation.

The sale presented a 6% net initial yield and 7.5% reversionary yield. King Sturge acted for the buyer.

Originally constructed as a hotel in 1765, the four-storey building was extensively refurbished in 1997 to provide modern, open- plan offices.

It has been altered to meet DDA compliance standards and has a provision for six car parking spaces to the rear of the building. Currently, it is let in its entirety to Merseyside Passenger Transport Services until May, 2013.

ŠJames Porteous, of King Sturge’s investment team, said: “This is a significant transaction in the heart of Liverpool city centre which demonstrates that there is still an appetite for well-located properties with active asset management potential.”Š

Three60, a subsidiary of PLUS Housing Group, is a commercial property investor and developer. Some of its profits will be invested in homes and neighbourhoods through PLUS Housing Group.

The division operates within the high- value residential and commercial property sectors across the North of England, and has established a £100m fund with financial backing from The Royal Bank of Scotland (RBS).

In September, it acquired more than 18,000 sq ft of industrial space in Knowsley in a £1.34m deal.

Paul Patterson, Three60 managing director, said: “We’re delighted to have added Beetham Court to our portfolio.”

tonymcdonough