Aberdeen Asset Management on behalf of clients has bought the commercial element of Liverpool’s Albert Dock development from Albert Dock Company, a subsidiary of Arrowcroft for £42.75m – a net initial yield of 5.6%.
The investment totals more than 400,000 sq ft of hotel, leisure, retail and office accommodation.
Occupiers include 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 as a commercial and residential development comprising the largest Grade I collection of buildings in the country.
The scheme is also home to the Tate Gallery and Maritime Museum.
Robert Cass, head of UK property transactions at Aberdeen, said: “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.”
Aberdeen Asset Management was advised by Joiner Cummings and Bruce Gillingham Pollard; Arrowcroft was represented by Franco Sidoli of CBRE.
