Liverpool’s Royal Albert Dock acquired in deal valued at around £40m

Liverpool’s iconic Royal Albert Dock has been acquired for around £40m.

It was marketed in July last year with a valuation of approximately £49.25m.

CBRE Investment Management appointed London agency Joiner Cummings to find a buyer for the site, which celebrated its 175th anniversary in 2021.

London creative real estate developer and investor, General Projects, and investment management company, neo capital, are the new owners in a deal announced today (May 9).

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 hotel and a collection of SME offices, within four landmark 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 one of the UK’s leading commercial leisure and cultural assets. The dock now welcomes about six million visitors per year.

General Projects 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.

Working with local independent operators, the complex will continue its evolution into one of the most exciting experiential destinations in the UK with new restaurants, bars and leisure concepts set to join the estate in the coming years.

A diverse programme of events and activations will bring new pop-ups, concerts and activities to the campus.

General Projects holds a wealth of experience in transforming the potential of heritage properties. The developer 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 sympathetically 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.

Jacob Loftus, CEO of General Projects, 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.”

He added: “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 said: “We are excited to acquire, alongside our partner General Projects, a landmark site in the city of Liverpool, the Royal Albert Dock. This acquisition is a testament to our confidence in the UK real estate market and an important milestone to investing in high quality projects.”

This week the Royal Albert Dock site will be the centre of global attention with the hosting of the Eurovision Song Contest, on behalf of last year’s winner, Ukraine.

The transaction forms 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 best in class design-led office HQ.

Metis Real Estate advised General Projects on the acquisition.