Sony Letting Is the Latest Boost to Liverpool Property Market

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Sony Move Is Yet Another Sterling Addition to the Duke Street Area

Video game developer Firesprite, a subsidiary of entertainment giant Sony, is set to move its Liverpool city centre operation to the Duke & Parr Building in Duke Street, the former headquarters of Bibby Line Group. The new space, covering 50,000 sq ft, will accommodate up to 400 staff under an 11.5-year lease.

This is the latest piece of exciting property news surrounding the Duke Street area following the unveiling of the upcoming Mercantile apartment building, one of many luxury new developments in Liverpool.

It also follows a recent Data City study highlighting this Merseyside city as the fastest-growing UK economy, which may tempt people to invest and let in Liverpool.

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What Do You Need to Know About the Duke & Parr Building on Duke Street?

This move marks the most prominent office letting in the city centre in the past three years. In 2019, Sony secured 65,000 sq ft at Echo Place in Old Hall Street, the former base of the Liverpool Daily Post & Echo.

Bibby Line Group, one of Liverpool’s oldest businesses, sold its previous Duke Street headquarters to CERT Property in 2019. Following the sale, Bibby relocated its team to Exchange Flags, a Grade II-listed building that was once a public library.

CERT Property refurbished the Duke & Parr building, receiving substantial support from the Liverpool City Region Combined Authority. The authority provided nearly £5 million, with £2.96 million from the Urban Development Fund and £2.1 million from the Chrysalis Fund.

Duke Street, a renowned thoroughfare in Liverpool, is significant in the historic Merchant’s Quarter. Evidence of the city’s prosperous mercantile history is still evident in the architecture, making properties on this street some of Liverpool’s most sought-after real estate.

This prime location on Duke Street is well-suited for Liverpool’s expanding population. Within a brief 15-minute stroll, you can reach key revitalised areas such as Liverpool One shopping centre, Liverpool Waterfront, the Baltic Triangle, and the Knowledge Quarter.

Prominent attractions like Liverpool One and the Royal Albert Dock are just minutes away, with nearby access to the city’s underground train station, Liverpool Central.

Discover More: Dive into our property investment guides – such as our pages on how to build a buy-to-let portfolio or the best things to invest in – for more up-to-date insights.

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What Is the Reaction to the Sony Liverpool Move?

Howard Lord, CERT Property founder, said: “We began construction of Duke & Parr in April 2020, right at the height of the pandemic. At the time there was a whole shift in perspective in the way in which we work.

“It became clear that the office was no longer a core necessity to employees and businesses. People began evaluating their workspace, comparing the benefits of working from home with the nature of the traditional office.

“Understanding this, we wanted to create a property which viewed the office as a destination – a creative hub which inspires and connects people.

“This lease with a world-leading games and entertainment giant is a testament to the team who worked with us on this project to deliver the vision we had to create an inspiring workplace that would attract occupiers in the post-pandemic role of the workplace.”

In addition, Liverpool’s Metro Mayor Steve Rotheram said: “We’ve injected huge investments into property, regeneration and sustainability projects through our £35m Chrysalis Fund, which has generated more than £100m worth of development activity.

“Hopefully, the £5m we’ve awarded to this development will create a first-class space in the city to grow and develop – and continue to supercharge our area’s credentials as a leading tech cluster.”

CERT’s building renovation has earned nominations for multiple property awards. The project involved the removal of superficial 1990s additions made by previous occupants, revealing and highlighting the historical features dating back to the 1800s. We have a useful stamp duty calculator available for our readers to utilise.

Why Else Is Duke Street Making Waves in the Property Market?

This is not the first piece of property development news to centre around Duke Street recently, with Legacie Developments breathing new life into the area’s residential market with The Mercantile.

The Mercantile is a luxurious new residence offering exquisite one-bed and two-bed apartments in a historically significant location, creating an attractive investment opportunity.

Under the expert eye of Legacie Developments, this project epitomises contemporary city living, delivering exclusive residential accommodations poised to meet high tenant demand and yield robust rental returns.

Boasting lavish apartment features and sophisticated interior design, The Mercantile is a premium investment prospect in Liverpool’s L1 market.

Conveniently located on Lower Duke Street, just a short stroll from Liverpool One, the Royal Albert Dock, and the Baltic Triangle, residents will enjoy a cosmopolitan living experience at the core of this iconic northern city.

The Mercantile’s 32 apartments cater for those looking to buy-to-live and investors searching for UK buy-to-let opportunities, with the option of a management service provided by the highly experienced Legacie Management and Lettings.

Find Out More: If you’re interested in more regional buy-to-let insights, check out the following area guides:

Author

Dale Barham

Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.