60Old Hall Street
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60 old hall street liverpool city centre For Sale Prime city centre refurbishment opportunity Up to 58,018 sq ft (5,390 sq m) For illustration purposes only 60 old hall street liverpool city centre Executive Summary Location Old Hall Street is rapidly emerging as the City’s new business quarter and focal point. New developments recently completed include the SAS Radisson Hotel and the Beetham Tower. The building lies directly adjacent to Liverpool’s newest mixed commercial scheme known as St Paul’s Square. This will ultimately comprise 341,000 sq ft of offices, 50 apartments and a 397 space multi storey car park. Proposed Refurbishment The proposed extensive remodelling and refurbishment of 60 Old Hall Street will provide a high specification comfort cooled landmark building with a striking ground floor entrance, on site parking and an adjacent retail unit. Tenure The property is freehold. Rental Value Taking into consideration projected and prevailing market conditions we would anticipate that upon refurbishment of the subject building, the property would command a rent in the order of £17.50 - £18.00 per sq ft exclusive. Proposal Offers are invited in excess of £6,500,000 (Six Million, Five Hundred Thousand Pounds), subject to contract for the Freehold interest in 60 Old Hall Street. A purchase at this level would provide a capital value of only £1,205 per sq m (£112 per sq ft) based on the proposed scheme areas. 60 old hall street liverpool city centre 60 old hall street Leeds Street liverpool city centre 10 P Liverpool 3 6 2 1 60 old hall street 1. 60 Old Hall Street 11 7 2. St Paul’s Sq 3. The Plaza 4. Capital 5 Tithebarn Street 5. Liverpool Daily Post & Echo 4 6. SAS Radisson Hotel 7. 101 Old Hall Street P 8 8. Moorfields Station 9. 20 Chapel Street P 9 10. Beetham Tower 11. West Tower P 12. Crowne Plaza Hotel 13. Malmaison Hotel 13 14. Atlantic Tower Hotel New Quay 14 12 3 60 old hall street TH R TO BOOTLE & THE NORTH liverpool city centre TO BOOTLE TO THE & THE NO KINGSWAY TUNNEL AND WARD ST THE M53 St Pauls Square LEEDS ST ST ANNE PALL MALL PALL VAUXHALL ROAD VAUXHALL KINGSWAY SCOTLAND ROAD N Location TUNNEL KING ED BATH ST BATH Liverpool is located 56 kilometres (35 miles) west of PRINCES PARADE Manchester, 31 kilometres (19 miles) north of Chester P and has an urban population of approximately 440,000 OLD HALL ST people and a county population of approximately 1.4m. P THE STRAND THE STRAND Liverpool is the sixth largest city in the UK and benefits LIVERPOOL RIVER MERSEY ECHO 60 old hall street from excellent transport links with access to the M62, MOORFIELDS STATION M57, M58 and M53 motorways being within a very P ST ANNE TITHEBARN ST short distance. The city also benefits from the West CHAPEL ST P Coast Main Line Rail Service, Liverpool John Lennon P P TOWN MOORFIELDS Airport and remains one of the most important freight ROYAL LIVER STATION BUILDING HALL ports of the UK. WATER ST DALE ST CHURCHILL WAY CASTLE STREET QUEENSWAY (MERSEY TUNNEL) MUSEUM & NEW ISLINGTON NORTH JOHN ST NORTH ENTRANCE ART GALLE BRUNSWICK ST RY TO THE M62 & THE NATIONAL Situation VICTORIA ST MOTORWAY& THETO NATIONAL THENETWORK M62 ST NORTON QUEENSWAY P MOTORWAY NETWORK 60 Old Hall Street occupies a prime location in the heart TUNNEL HALL ST GEORGES of the City’s central business district. The building is LIME ST JAMES ST LORD ST THE MET QUARTER LONDON RD SHOPPING CENTRE surrounded by high profile office schemes including P English City Funds St Paul's Square (adjacent), which is QUEEN ELIZABETH II generally acknowledged as the most highly specified ST JOHN’S LIVERPOOL LIME ST LAW COURTS ST RENSHAW CENTRE MAINLINE STATION office scheme in the central core. Other buildings include The Capital which is owned by Downing LIVERPOOL ONE CHURCH ST CLAYTON SQ MOUNT PLEASANT Developments and 101 Old hall Street which is home to LIVERPOOL CENTRAL ST SEYMOUR LONDON RD the UK Passport Office. STATION CANNING PLACE HANOVER ST RANELAGH ST BROWNLOW HILL RENSHAW S RENSHAW Immediately to the east lies the Liverpool One scheme JOHN LENNON AIRPORT which is set to transform the heart of the city into one of Europe’s premier shopping destinations. Key anchor tenants already include John Lewis and Debenhams. The scheme will bring with it 160 new shops, cafes, restaurants as well as 600 apartments, 2 new hotels and a 14 screen Odeon cinema. European Capital of Culture 2008 4 60 old hall street liverpool city centre 60 old hall street Refurbishment Proposal liverpool city centre 60 Old Hall Street provides a rare refurbishment opportunity within a prime commercial location. The city centre of Liverpool has attracted substantial new Description development and commercial investment in recent years. The property comprises an 8 storey office building offering full vacant possession arranged on basement, Our clients have previously drawn up detailed plans to ground, mezzanine and seven upper floors. The existing carry out a comprehensive refurbishment of the building ground floor provides a reception and lobby area and which incorporates an extension of the lower floors and both the ground and 1st floors are currently set back the creation of an additional 215 sq m (2,315 sq ft) ground from the pavement of Old Hall Street. Floors 2 to 7 floor retail unit as well as enhancing the entrance to the project out over the pedestrian walkway to the Old Hall building and the comprehensive refurbishment of the Street elevation and these floors are supported by a upper floors. number of pillars. There is a pedestrian walkway under the eastern elevation of the building which provides On completion of the refurbishment scheme, the building access to Prussia Street to the rear of the property. will provide floor plates ranging from 247.5 sq m (2,664 sq ft) to 784 sq m (8,439 sq ft) of high quality office The property benefits from 5 car parking spaces located accommodation incorporating the following specifications: within a courtyard to the rear of 60 Old Hall Street with vehicular access being obtained from Earl Street. • Double height reception • New ground floor retail unit with double height glazing to front of Old Hall Street • Fully DDA compliant • On site car parking • 2 new high speed 8 person passenger lifts • Dedicated on-site basement storage facilities • Full mechanical ventilation and VRV comfort cooling throughout • Low energy thermal double glazing system • 100mm full access raised floors with data and power systems • Acoustic tiled suspended ceilings • LG3 lighting up to 500 lux • High quality male and female toilets on each floor Further details regarding the previously proposed scheme are available on request, however, the client's proposed scheme is not intended to be restrictive in any way. We would encourage potential purchasers to consider alternative refurbishment schemes, subject to their own investigations and planning. 5 60 old hall street liverpool city centre Tenure 2005 Land Transfer & Option extent of ground floor demise. The property is held freehold with title absolute. The Agreement extent of area acquired extent of the freehold demise is outlined red and green The Lower Part (undercroft) is subject to a Transfer via Transfer Agreement. on the site plan. dated 11 May 2005 made between Liverpool City area to which the Landlord will be obliged Council and (the Vendor). The extent of the Lower Part to maintain and provide a The area shaded green and yellow on the ordnance plan is coloured green and yellow on the plan shown pedestrian access. is subject to a 1977 licence which allows part of the opposite. property to overhang part of the then public footpath (Prussia Street). There are, therefore, certain obligations As part of the agreement the owner has agreed to to keep the footpath maintained and free of obstruction. maintain the access way (shaded yellow on the plan Further details are available on request. shown opposite). Any substantial development of the area coloured green and yellow up to 11 May 2015 In order to facilitate the extension of lower floors the requires the consent of Liverpool City Council, such Vendor has acquired the lower parts by way of a consent is not to be unreasonably withheld. Transfer Agreement and in addition a Stopping Up Order has been obtained. See relevant sections below for It is anticipated that the Council would, subject to further details. negotiation, agree to the removal of the above mentioned right of way obligation (area shaded yellow on the attached plan) in light of the adjoining St Paul's Planning Square development. Further information is available on The refurbishment scheme was granted detailed the following page. planning consent in September 2003. Further details are available on request. Stopping Up Order A stopping up order has been obtained for the stopping up of parts of Old Hall Street and including connecting undercroft adjoining 60 Old Hall Street, dated January 2004. 6 60 old hall street liverpool city centre old hall street 60 Investment Overview Refurbished Accommodation Ground floor liverpool city centre Demand for prime City centre office buildings The refurbished scheme will provide the has remained strong within Liverpool City following net internal areas: Office Market Overview centre and this is highlighted by the recent Use sq m sq ft investment in various schemes surrounding 60 Basement Storage 265.9 2,863 Office take-up in the central business district has Old Hall Street. subsisted and the total city centre office take up in 2007 Ground (Extended) Retail 215.1 2,315 was 462,875 sq ft.