Liverpool One developer Grosvenor has acquired 55,000 sq ft of retail space in Lord Street, Liverpool city centre, from Land Securities in a £19.1m deal.

The Grosvenor Liverpool Fund says the property - 52-78 Lord Street - comprises 11 retail units and is situated between South John Street and Paradise Street.

Fully let, it is home to Specsavers, French Connection, Yorkshire Building Society, Dollond & Aitchison Opticians, Home Bargains, Co-op Travel and Games Station.

The deal represents an initial yield of 6.4%.

Miles Dunnett, head of asset management for the Grosvenor Liverpool Fund, said: "This acquisition both reaffirms our commitment to Liverpool, a city that is thriving, and strengthens the wider Liverpool One offer."

Grosvenor Liverpool Fund’s acquisition will allow the boundary of Liverpool ONE to be extended, increasing its presence on the main pedestrian route to reach South John Street from Church Street.

Mason Owen acted for the Grosvenor Liverpool Fund and Lunson Mitchenall acted for Land Securities.