News

Date

15/10/2004

Shepborough Developments sells City Square, Liverpool for £36.4m

Shepborough Developments, a joint venture between Scarborough Development Group plc ("SDG") and Shepherd Developments has sold City Square, Liverpool to Fixed Uplifts Properties Ltd, a Close Brothers managed fund, for £36.4m at an initial yield of 6.48% .

City Square comprises 144,000 Ft² of prime office space on Tithebarn Street, adjacent to Moorfields railway station in the commercial centre of Liverpool. The building is due to be completed in June 2005, and will represent a new standard of Category A building in Liverpool.

101,000 Ft² has been let to the Department of Constitutional Affairs on a fifteen year lease at an initial rent of £16.50 per Ft² for a new courts complex.

Approximately 42,000 Ft² of space is available on two floors at the scheme which is being marketed by CBRE and Mason Owen.

David Wells, Director of SDG, commented "This sale demonstrates our long standing faith in the Liverpool office market. City Square will be a major step forward in the quality of office buildings in Liverpool".

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Notes to Editors

Scarborough Development Group plc, a subsidiary of Scarborough Property Holdings plc, is an active property development company which undertakes both commercial and residential projects.

Scarborough Development Group works with a number of joint venture partners in the public and private sectors including city councils, local authorities and development agencies. The company has offices established in London, Edinburgh, Leeds and Belfast.

Scarborough Property Holdings plc, its parent company, is a £1 billion property development and investment joint venture with HBOS