Liverpool’s historic Royal Albert Dock has been bought by UK developer and investor General Projects and investment management company neo capital for around £40 million.
CBRE Investment Management listed Royal Albert Dock, which features 375,295 square feet of shops, offices, hotels and restaurants, in July 2022 for £49.2 million. It also boasts the largest single collection of grade I-listed buildings in England.
Royal Albert Dock comprises four grade one listed buildings, Britannia Pavilion, The Colonnades, Atlantic Pavilion and Edward Pavilion. It is let to 56 tenants and is reported to generate around £3.6m in rent annually.
Food and drink operators generate almost half the total revenue, while Premier Inn and Holiday Inn hotels account for around 30%. The Beatles Story Museum is also among the tenants.
Jacob Loftus, Chief Executive of General Projects, says, “We are truly honoured to have become custodians of one of our country’s most significant landmarks and one of its most magnificent examples of industrial heritage.
“Already one of the busiest leisure & cultural destinations in England, we hope to add our energy and creativity to further evolve the Dock into the most exciting experiential and authentic destination in the UK.
“We look forward to nurturing the many exciting independent businesses on-site, working collaboratively with our cultural neighbours and further activating Liverpool’s amazing waterfront.”
A neo capital spokesperson says, “We are excited to acquire alongside our partner General Projects a landmark site in the city of Liverpool the Royal Albert Docks. This acquisition is a testament to our confidence in the UK real estate market and an important milestone to investing in high-quality projects.”
The image is by Tony Hisgett and is from Wikimedia. it is reproduced under CreativeCommons.
