Bank in pounds 28m deal for prestige shop site.Byline: BILL GLEESON ONE of Liverpool's best known retail sites has been sold for pounds 28m in one of the biggest retail deals on Merseyside. AIB Investment Managers has bought 15 Parker Street, occupied by a Tesco Metro and TK Maxx TK Maxx is a chain of off-price department stores in the United Kingdom and the Republic of Ireland. The company is part of the TJX Companies which also owns other department store companies such as T.J. Maxx. , from Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. . Tesco trades as a supermarket from the ground floor and has sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. two floors to TK Maxx clothing. The deal reflects the Irish bank's faith in the growing Liverpool city centre commercial property market as major redevelopment work gets under way. Property agents Knight Frank and Hamilton Osborne King acted for AIB Investment managers, part of the Allied Irish Bank Group, Ireland's biggest banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organisation. Cushman Wakefield Healey & Baker, acted on behalf of Credit Suisse, the global financial services company headquartered in Zurich, through Irish stockbroking firm Goodbody's Stockbrokers. The Parker Street building, which used to house an Owen Owen Owen Owen was a Liverpool-based operator of department stores in the United Kingdom. Owen Owen was founded by Owen Owen in Liverpool, where he opened a drapery shop on London Road. store, is a landmark sevenstorey building, with a portland stone facade. It is let to Tesco for 25 years at a current rent of pounds 1. 4m a year. Andrew Richardson, partner at Knight Frank, said: ``This is a substantial retail block situated in a prime retail position. The Irish investors were attracted by the high-quality covenant, excellent growth prospects and the substantial regeneration currently under way in Liverpool city centre. ``This is one of the biggest retail deals on Merseyside in the past 12 months. A massive redevelopment ofLiverpool city centre has begun with construction of a 1. 6m sq ft Paradise Street development by Grosvenor. Other big schemes close to the main retail area include Milligan Developments Met Quarter at Whitechapel and English Partnerships regeneration of Lime Street station's concourse area. Peter Burke, a retail partner at property firm Mason Owen, said there had been quite a few bidders for the building. ``It's the state of the market of the moment. ``People are fighting to buy stuff like that. '' Mr Burke added that rents for prime shop space have risen substantially in Liverpool after Vodafone took space on Church Street at pounds 320 sq ft last autumn. The previous record was about pounds 280 sq ft when Jane Norman took space on Church Street the year before. |
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