Aberdeen scoops up Albert Docks for £43m
Aberdeen Asset Management has bought the commercial element of Liverpool’s iconic Albert Dock in a £43m deal.
The dock, which was home of This Morning with Richard and Judy, is at the heart of the city’s regeneration efforts and in recent years has been attracting increasing interest from tourists.
The investment totals over 400,000 square feet 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.
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, added: “In an age of convenience and online shopping, destinations need to really stand out and Albert Dock and the wider Waterfront area does just that.
“The Dock’s heritage and environment attracts huge numbers of visitors and as a destination and commercial opportunity, Albert Dock will only become more popular as Liverpool’s economy continues to grow.
“There are really compelling investment opportunities in northern cities where economic and employment growth is strong and will be underpinned by increasing devolution.”
Albert Dock, which is home to the largest collection of Grade I-listed buildings in the country, is just over a mile away from the derelict homes which were sold to families by Liverpool City Council for just £1 back in 2013.