Bibby takes 20,000 sq ft at Exchange Flags

Bibby takes 20,000 sq ft at Exchange Flags

Shipping and marine company Bibby Line Group will relocate around 150 staff from its current location at Duke Street after taking 20,000 sq ft at Liverpool’s Exchange Flags.

The group has taken two floors at Walker House, part of the wider 360,000 sq ft grade two-listed office-led site in the city centre. Bibby’s staff will relocate from 105 and 91 Duke Street, which have been home to the group for a quarter of a century. The move will complete by the end of the year.

John Cresswell, chief executive of Bibby Line Group, said: “Exchange Flags is a stunning building and represents an exciting opportunity to consolidate our long history in Liverpool city centre while providing the group with modern premises, better equipped for the needs of current and future colleagues and customers.

“Duke Street has served us well over the last 25 years but relocating to Exchange Flags brings us closer to the centre of the business community and provides our fantastic team with the best possible working environment and amenities, as we continue to invest for the future.”

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.

The building generates a passing rent of around £5.6m a year, equating to a rent of around £15.50/sq ft on average. Headline rents at Exchange Flags now stand at £17/sq ft, driven by a shortage of available office space in the area. It was sold by Shelborn Asset Management to investor Ashtrom for £68m last month.

The landlord, Ashtrom Properties UK, were advised by Worthington Owen.