The Port of Liverpool Building - Case Study
DPS directly managed the iconic The Port of Liverpool Building from 2005. The building was transformed from a locally recognised asset into an asset which attracted wide and deep interest from around the world when it was marketed for sale and then sold in 2015.
The Challenge Inherited
- Formerly occupied by Mersey Docks and Harbour Board as their Head Quarters since new build in 1907.
- Multi tenanted on leases and "arrangements" not fit for purpose.
- Fabric and services not fit for purpose (including critical Health and Safety compliance issues) - following decades of under investment.
- No branding image
- Tenants were leaving and impossible to attract new tenants
- 160,000 sq ft (increasingly serious vacancies).
- Limited service charge recovery
- Headline rents as low as £8 sq ft per annum
- Complete restoration of the building's fabric and services - achieved whilst retaining existing tenants
- Lease re-gears with the building's major tenant.
- New lettings with headline rents above £17 sq ft per annum.
- 6% vacancy
- Sold for £175 sq ft December 2015 (compare with Royal Liver Building at £143 sq ft, Exchange Flags at est. £123 sq ft & Cunard Buildings at est. £52 sq ft.
How This Was Achieved
By Concentrating on Fundamentals:
- In depth understanding of the asset
- In depth understanding of stakeholder needs and wishes
- Phased implementation of improvements, concentrating on compliancy, operational, service delivery and aesthetic issues
- Implementation of lease events and re-gears
- Pro-actively exploring new asset management opportunities
- Professional integrated team ethic
- Hard work and due diligence
- Exceptional levels of customer care
- Exceptional service levels
- Value for money provisions for all stakeholders
- On our aspirations to re-establish The Port of Liverpool Building as a genuine market leading commercial building and iconic trophy asset.
We Continually Strengthened:
- Strong and lasting customer relationships
- Local knowledge of the occupational market
- Strong and lasting relationships with 'best in class' property professionals
- Our relationships locally with Liverpool City Council, public sector agencies, Liverpool's Business Improvement District, The Liverpool Waterfront Business Partnership and other local non-corporate partnerships.
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