Fiera Real Estate announces sale of the Very Group’s 11.5-acre award winning HQ office campus for over £38m

Fiera Real Estate is pleased to announce the sale of its 11.5-acre Skyways House site in Speke, Liverpool to Corum XL, a fund managed by Corum Asset Management.  The asset was offered to the market at a quoting price of £38.88 million, reflecting a net initial yield of 6.50%. The final sale price remains undisclosed. This represents the first asset sale for the Fund on behalf of KFHC investor clients, which focusses on offering investors long, strong and progressive income concentrating on office, out-of-town retail, and industrial sub-sectors.

The iconic award winning building in Speke comprises of three units totalling 194,384 sq.ft and is let with ca.14 years unexpired to Shop Direct Home Shopping Ltc. The building is the HQ office of the Very Group, the UK’s largest Pureplay Online Retailer which is home to c.1,700 staff and senior management and comprises of two Grade A offices and a secure data centre. The site also offers self-contained amenities including a restaurant, café and a large car park. The lease has benefitted from fixed rental uplifts at 2.5% per annum compounded every five years, ensure a consistently improving income receipt.

Rupert Sheldon, Head of Core REIM at Fiera Real Estate commented “We are delighted to have completed on the sale of this high performing asset which aligns well with the investment parameters of KFH Fund 1. We are acquisitive across our core mandates with capital available to deploy into properties that share similar characteristics.”

Robert Woods of CBRE commented “ Delighted to have acquired and now sold this trophy building on behalf of Fiera RE.”

Craig Barton of Cushman & Wakefield commented “Skyways is a fantastic asset and we are delighted to help our client conclude the acquisition.”

CBRE acted for the vendor and Cusham & Wakefield acted for the purchaser.