Developer and investor General Projects and investment management firm Neo Capital have closed a deal to buy Liverpool’s Royal Albert Dock for around £40m.
The 375,000 sq ft 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 hotels and a collection of SME offices within four heritage buildings.
Since it first opened in the 1840s as dock warehouses for global trade, it has undergone significant repurposing and regeneration to transform it into a commercial leisure and cultural location. The dock records about 6m visitors per year.
General Projects said it will implement a strategy of “creative activations” and public realm improvements to enhance the site’s public offer.
CBRE Investment Management put the site up for sale last year, with a guide price of just below £50m.
It is the second joint venture between General Projects and Neo Capital, following an initial partnership in 2021 to redevelop 43 Brook Green, W6, west London, into 120,000 sq ft design-led offices.
General Projects 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.”
A spokesperson for Neo Capital said: “This acquisition is a testament to our confidence in the UK real estate market and an important milestone to investing in high quality projects.”
Metis Real Estate advised General Projects on the acquisition.
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