Aberdeen Asset Management on behalf of clients has completed the acquisition of the commercial element of Liverpool's iconic Albert Dock from Albert Dock Company, a subsidiary of Arrowcroft for circa £42.75m, representing a net initial yield of approximately 5.6%.
The investment totals over 400,000 sq ft of hotel, leisure, retail and office accommodation and is home to occupiers including Holiday Inn, Premier Inn, The Beatles Story, Gusto and Miller and Carter as well as a number of independent leisure, retail and office tenants.
The former working dock built in the 1840s was saved from dereliction by Arrowcroft in the early 1980s and restored successfully to a vibrant commercial and residential development it is today, comprising the largest Grade 1 collection of buildings in the country.
The project is also home to the Tate Gallery and the Maritime Museum.
The considerable infrastructure improvements and development of the Liverpool Waterfront area which followed through both public and private investment has created a significant tourist destination with over 6m people visiting Albert Dock every year.
Nicholas Hai – Chairman of Arrowcroft - said: “We take great pride in having restored these magnificent historic buildings and in so doing, led the regeneration of Liverpool’s waterfront and created an attraction that has global recognition. It is now listed by UNESCO as a World Heritage site. After 33 years under our ownership we recognise that it is time to move on and it is pleasing that its future will be in the hands of a highly respected Institution. We wish Aberdeen well in their stewardship of this development and into the next chapter of Albert Dock.”
Robert Cass - Head of UK Property Transactions at Aberdeen - said: “We are delighted to have acquired this historic development on behalf of our clients. The outstanding environment and strong sense of place, coupled with the ongoing growth and development in the City offer a compelling opportunity.We commend Arrowcroft for their vision and dedication to restoring the development and very much look forward to working pro-actively both with Gower Street Estates and other stake holders in promoting and furthering the wider Albert Dock and Waterfront areas.”
Aberdeen Asset Management was advised by Joiner Cummings and Bruce Gillingham Pollard and Arrowcroft was advised by Franco Sidoli of CBRE.