New openings have been promised for Liverpool’s Royal Albert Dock after the landmark site was sold in a deal worth around £40m.
Real estate developer and investor General Projects and investment management company Neo Capital have snapped up the 375,000sq ft dock which was originally put up for sale last summer with an asking price of just under £50m.
First opened in the 1840s as dock warehouses for global trade, is now welcomes about six million visitors every year.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
The dock is made up of the largest single collection of grade I-listed buildings in England and comprises mixed-use accommodation providing restaurants, bars, shops, two hotel and a collection of SME offices, within four landmark heritage buildings.
Tenants include Premier Inn, Holiday Inn, The Beatles Story, Gusto, Rosa’s Thai Café and Miller & Carter as well as a number of independent companies.
General Projects said it will "seek to implement a strategy of creative activations and public realm improvements to enhance the site’s public offer and enable it to reach its full potential".
It added that new restaurants, bars and leisure concepts are set to join the estate in the coming years and a "diverse programme of events and activations will bring new pop-ups, concerts and activities to the campus".
General Projects is the current custodian of the former Woolworths HQ in Marylebone, the historic Heal’s department store on Tottenham Court Road and the former Walworth Town Hall in Elephant & Castle, all of which are being refurbished and restored into vibrant new mixed-use hubs.
This deal also marks General Projects’ second site in the North West, with planning permission granted for Electric Park – a zero-carbon development of workspace and public realm in central Manchester – in 2020 – which is due to start on site later this year.
Chief executive Jacob Loftus said: "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 and 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.
"Through further investments in public realm, activation and events, we hope to create a true community spirit and deliver a place that will benefit the entire city and really promote the absolute best of Liverpool."
A representative from Neo Capital added: "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 deal is the second joint venture between General Projects and Neo Capital, following the formation of a partnership in 2021 to comprehensively redevelop 43 Brook Green into a new 120,000 sq ft office HQ.
Metis Real Estate advised General Projects on the acquisition.
READ MORE:
Hope Street Hotel opens second luxury destination at Liverpool ONE
Preferred buyer identified for four-star Merseyside hotel
Airbnb's most popular homes in city costing up to £4k ahead of Eurovision
Largest Lush store in the world up for sale in Liverpool city centre
DHL workers at Jaguar Land Rover's Halewood factory agree new pay deal
