A Liverpool city centre historic landmark has been sold in a £68m deal, in a move described as a "hugely unique investment opportunity".
The Exchange Flags, which is between Castle Street and Old Hall Street, has been sold by Shelborn Asset Management to Israeli-owned Ashtrom Properties.
According to officials, the huge deal demonstrates the high demand for city centre office space in Liverpool.
The building provides a total of over 350,000sq ft of office space, around 28,000sq ft of retail and a 18,000sq ft museum.
The Grade II-listed site is multi-let to tenants, including The Secretary of State for Defence, Brabners LLP, Jackson Canter, Regus, DLA Piper and Brookes Bell LLP.
Joshua Morris, Partner at Knight Frank, who represented Shelborn in the deal, said: “We are delighted to have acted for Shelborn Asset Management on the sale of Exchange Flags. The building represents a hugely unique investment opportunity.
"Headline rents for Exchange Flags currently stand at £17 per sq ft and are only expected to grow given the city’s strong supply-demand dynamics and the acute lack of good quality office space in the city centre.”
It was once home to the Royal Navy, the Air Force and the Marines during the Second World War, with the Exchange Flats now open to the public as a memorial museum.
Brian Rabinowitz, Director at Shelborn Asset Management, said: “This sale is testament to the strength of Exchange Flags as a landmark asset and demand across the current Liverpool office market. Much more than just an office building, this is a significant landmark within the heart of the city.”
Guy Lewinsohn, CEO at Ashtrom Properties UK, added: “Exchange Flags is an outstanding property and fittingly marks our debut acquisition in the UK. We see a bright future for the Liverpool commercial office market and plan to acquire more properties of similar characteristics as we continue to grow our portfolio in the UK.”
