Liverpool LUSH megastore sold for £9m
An unnamed private investor has snapped up the 37,000 sq ft shop and spa, situated in the heart of Liverpool’s shopping district.
Owner NFU Mutual had put 38-46 Church Street on the market in April with a guide price of £9m. Ultimately, the store was sold for £8.8m, representing a net initial yield of 8%.
Knight Frank was the agent for NFU Mutual, while Bruce Gillingham Pollard represented the purchaser.
“This sale delivers upon NFU Mutual’s business plan, and we would like to place on record our thanks to the whole team involved for their work on this transaction,” said Rhys Lewis, trainee investment manager at NFU Mutual.
Knight Frank partner Sam Waterworth also commented on the deal.
“This was always going to be an exciting instruction,” he said. “The building looks fantastic and, as expected, we received good interest from a range of UK and overseas parties, demonstrating there remains demand for prime high street investments.”
Fans of LUSH need not worry that their go-to bath bomb and beauty store will leave with a new owner in town. The brand’s lease on Church Street does not expire until June 2033. LUSH’s annual rent is £750,000.
The building is actually LUSH’s largest store and, in addition to the expected retail space, holds a spa and event venue.
Lush has been a great success on Church St and is one of it’s great magnets for younger shoppers.
Other retailers should take note that if you provide a quality product and service then Church St is still a draw, so maybe Uniqlo will be interested?
By Anonymous
It’ll still smell of bathbombs 10 years on!
By Levelling Up Manager