Investment Summary
- A £46.5m forward funded development of a Grade A office building in Liverpool’s thriving new business district.
- Part of an extensive regeneration programme, completed in 2007.
- Pre-let to Hill Dickinson, a top 40 UK law firm for 15 years on full repairing and insuring terms.
The Property
Acquired in April 2006, the development is part of a masterplan for St Paul’s Square, setting a quality benchmark for office buildings in Liverpool. Completed in 2007, the property provides circa 131,000 square feet (over basement, ground and seven upper floors) with car parking for 126 cars.
Despite Liverpool being historically a poor performer in the commercial property sector, SI identified the potential for excellent returns – the city is in the midst of a strong economic resurgence, with the 2008 European Capital of Culture status forecast to generate £2bn of investment and 14,000 jobs.
Investment Structure
The property was purchased by SI Limited Partnership No 4, a UK limited partnership.
A total of £10m of investor equity was raised by SI, with the remainder of the funding provided by a bank loan from HBOS.
The Information Memorandum for SI Limited Partnership No 4 can be accessed from our Introducers Area.