Kilpatrick on song in Liverpool

GLASGOW-based Kilpatrick Property Group's deals so far this year have hit £8 million following a double purchase on either side of the Border - the £2.05m purchase, from Threadneedle, of more than 20,000 sq ft of office and retail space in Liverpool’s prime office area, Castle Street; and the purchase, from AXA, of Middlefield Trading Estate, Falkirk, for £1.87m.

Chief executive Maurice Glen said: “Having completed in excess of £8m of new acquisitions in the last three months, we see this as an opportune time to be implementing new acquisitions where it can be demonstrated that these meet the fundamentals of our investment criteria.”

The Liverpool deal, which reflects an initial yield of 8 per cent, includes four retail units on the ground floor and four floors of offices. Despite around a third of the office space being vacant, the rent roll stands at around £170,000 a year. Tenants include Carphone Warehouse, and Furness Building Society.

Total rents received from Middlefield Trading Estate, Falkirk, where tenants include Screwfix Direct, Redeem and Marie Curie Cancer Care with one vacant unit, is £147,000. The initial net yield on the Etna Road property is 7.5 pc, rising to more than 8 pc on letting of the vacant unit. Discussions with a prospective tenant are at an advanced stage.

Threadneedle was represented on the Liverpool deal by CBRE while Kilpatrick was advised by Davies Harrison, based in Manchester. And on Falkirk, AXA were represented by Sanders Cartwright while Kilpatrick was advised by CBRE.