Exchange Flags sells

In one of the largest transactions in Liverpool in recent years, the 360,000 sq ft grade two-listed building has been sold by Shelborn Asset Management to Ashtrom Properties for £68m.

Comprising Horton House and Walker House and positioned directly behind the town hall, Exchange Flags includes 313,000 sq ft of offices over 10 floors, along with 28,000 sq ft of retail, along with an 18,000 sq ft museum. Tenants include law firms Brabners and DLA Piper; Regus; the Secretary of State for Defence; Jackson Carter; Brookes Bell; and Deloitte.

The building generates a passing rent of around £5.6m a year, equating to a rent of around £15.50 psf on average. Headline rents at Exchange Flags now stand at £17/sq ft, driven by a shortage of available office space in the area.

Knight Frank and Worthington Owen represented Shelborn Asset Management on the sale. Worthington Owen have been retained as the letting agent for the development.