Liverpool Passport Office bought for £39m
Palm Capital has sold the 136,000 sq ft 101 Old Hall Street to London-based investor Priory RE.
HM Passport Office and the UK’s Visas & Immigration Department occupy 84,500 sq ft of the Liverpool building, accounting for 64% of the total floor space.
The government had signed a 10-year lease extension in 2020, which included a break after five years.
In order to facilitate Priory RE’s £39m acquisition, the HM Passport Office lease was regeared with the break removed.
Diligenta Group, a subsidiary of steel conglomerate Tata Group, occupies the three remaining floors of the building.
101 Old Hall Street had been marketed with a £40m price tag in 2020. In summer 2021, Priory RE expressed an interest in the building. The deal represents a net initial yield of 6.58%.
CBRE advised Palm Capital on the deal, while Haywood & Partners advised Priory alongside Goldfinch UK.
Palm Capital had bought the property in October 2018 from investment manager Warburg HIH Invest Real Estate for an undisclosed sum.
Related Articles
Analysis - Event Summary
Liverpool City Region Development Update | Photos, slides, and summary
A new government, revised city council structure… could these trigger a new dawn for Liverpool and its neighbours? The public and private sector – including Everton FC, Liverpool City Council, and Muse – shared their reasons to be optimistic for the city region’s future, as well as details about the challenges the area faces.
It`s vital that the Passport office remains in Liverpool, I think once we had over 40 embassies or consulates in the city, we need more civil service jobs re-located here from the South. It`s good to know too that Tata Group have offices here, meanwhile Sony are now a new major presence in Old Hall Street.
By Anonymous
More positive news for Liverpool. Keep it coming. I’m tired of all the negativity. Let’s bring the city upwards
By David
If we can’t keep hold of the Passport office then it really is time to move!
By Anonymous
Does this mean they will be building more Liverpool office’s? It would be glorious if they did as it means more jobs for youngsters. I hope there is no government bias!!
By Mary Woolley
Why after all this time, they want to move to Scotland, what about the staff?
Waiting time is going to be even longer, will need to train staff, will staff from Liverpool get offer of job at new location or would they want to transfer all that way !!!!
Please keep it in Liverpool..
By Lee
It’s not moving to Scotland it is staying in Liverpool
By Anonymous
My granddaughters friend has just cancelled her holiday after being told she was losing her job at the Liverpool passport office. This was last week and she was due to come on holiday on Sunday.
By Anonymous
For a minute I thought it had closed too…phew. Agree with the more civil service jobs. There are I believe another 2500 going to Manchester, we really need LCC to be bringing some more here.
By Aldo