ANEEL MUSSARAT'S property empire is expanding into Liverpool after a £10.75m deal.

MCR Property Group has bought a mixed office and retail building at 2 Moorfields in the heart of Liverpool's financial district. It paid £10.75m in a deal with British Land.

The buy, MCR's first in the city, sees it take control of a 63,000 sq ft block, with tenants including Norwich Union, Yorkshire Bank and the Department of Health.

Mark Hayes, investment director at MCR, said: "We have been looking to gain a foothold in the Liverpool market for some time. This represented an opportunity to acquire a quality building in the central business district of Liverpool, multi-let to predominantly institutional-grade tenants. The building offers a number of interesting asset management initiatives, which we will be looking to trigger immediately.

"We see this as a long-term investment, and we will be looking to upgrade accommodation and common parts over the next few years, which will enable us to move rents forward."

The firm says the purchase will be the first of many in the city, although it will not say how much it plans to invest in Merseyside.

MCR's Mark Hayes said: "Whilst I cannot provide a figure, we would be delighted to invest further sums in Liverpool on a deal-by-deal basis."

DDM Partners acted on behalf of MCR Property Group, and CBRE represented British Land.

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