Royal Albert Dock comes to market with £49m price tag
Liverpool tourist and retail attraction, the Royal Albert Dock, is being marketed for sale with a £49.25m price tag.
CBRE Investment Management has appointed London agency Joiner Cummings to find a buyer for the site, which last year celebrated its 175th anniversary.
It was awarded Royal status by the Queen in 2018, when it underwent a £1m refurbishment.
The site comprises 375,295 sq ft of mixed-use development, including Grade I-listed buildings the Britannia Pavilion, The Colonnades, Atlantic Pavilion and Edward Pavilion.
Among the 56 tenants are a mix of office use and retail, including the Premier Inn and Holiday Inn hotels, Chorley-based legal firm CG Professional, Modus Wealth Management, and a range of restaurants and bars, generating an annual rental income of £3.6m.
Prior to the pandemic, the attraction drew around six million visitors a year.
It was designed by renowned architects, Jesse Hartley and Phllip Hardwick, and opened in 1846 as warehouse space for the city’s busy docks.
It was the first structure in Britain to be built from cast iron, brick and stone, with no structural wood. As a result, it was the first non-combustible warehouse system in the world.
However, it fell into dereliction until it was resurrected in the 1980s, following the 1981 Toxteth riots, when former Tory Deputy Prime Minister Michael Heseltine was appointed Minister for Merseyside and made the dock’s restoration a key plank of his regeneration agenda.
Tate Liverpool, the Merseyside Maritime Museum and the International Slavery Museum are also situated on the dock estate, but are not part of the deal.
