MAGHULL GROUP AND BANK OF IRELAND IN DOUBLE SWOOP

Liverpool-based property company, Maghull Group has teamed up with the Bank of Ireland to significantly expand its investment stock and add a further 40,000 sq ft to its portfolio.

The Maghull Group has completed the purchases of two prime commercial office investments - the V7 property at King’s Business Park, Knowsley comprises 35,000 sq ft of Grade A office space, and 5,000 sq ft in Liverpool’s Rodney Street. The value of the combined purchases is almost £7m and was funded by Bank of Ireland.

The V7 unit was acquired from Threadneedle Fund Management. Whitaker Horton acted for the Fund and Mason Owen acted for Maghull. The property is let to US computer giant Computer Sciences Corporation who have occupied the premises since they were developed in 2004.

Maghull have also completed the purchase 26 Rodney Street for £950,000 which further strengthens the Group’s presence in the Hope Street area of the city. The property is currently occupied by NHS Merseycare, and the purchase reflects a net investment yield of sub five percent.

Mason Owen acted for the vendor and Maghull Group represented itself in this transaction.

Andy Owen, from Mason Owen said: “These acquisitions represent positive and forward thinking action by Maghull Group, whose presence is increasingly being felt across the Merseyside commercial investment market.

“Maghull Group has acquired the V7 property in particular, because of the increasing requirement for high quality out of town office space and subsequent increase in rents for Grade A office accommodation in Merseyside. A purchase price of £6 million reflects a net initial yield of 7.1 percent, proving this purchase to be another shrewd investment by Maghull.”

Chief Executive of the Maghull Group, Michael Hanlon comments: “These acquisitions will complement our portfolio which now comprises in excess of 750,000 sq ft of retail, office and leisure investments in Merseyside and Greater Manchester.”