PROPERTY giant Grosvenor has sold two of its prime city centre buildings in a deal worth almost £20m
The Liverpool One owner last night confirmed the sale of the former George Henry Lee building – a popular city landmark – for £11.45m.
The developer also sold the city centre building currently occupied by Tesco in Hanover Street for £7.95m.
Both buildings were bought by asset manager Legal and General Property (LGP) on behalf of its longest-running pension fund.
Tesco has already signed a 15-year lease on the Hanover Street site which means it will continue to rent the store until at least 2023.
The shop’s current rent stands at £500,000 a year and it will track the rate of the retail price index.
Similarly, the former George Henry Lee building, in Church Street, will be the long-term home of clothing outlet giant TK Maxx.
The store will remain a tenant in the building until at least December 2024.
TJX UK, which trades as TK Maxx, is paying a stepped rent starting at £800,000 per year for the basement, ground and first floor.
The top parts of the building, from the second to the seventh floor, will be rented back to Grosvenor for 250 years at what LGP calls a “peppercorn rent”.
The sale also includes the part of the building currently occupied by Rapid Hardware.
