Health insurer pays £12m to acquire its city centre headquarters
Medicash, the Liverpool-based health insurer, has acquired its One Derby Square headquarters, the former Pearl Assurance House, in a £12m deal.
It said this strategic investment marks another milestone as it cements its position in the city where it was founded in 1871.
The five storey, 70,161 sq ft mixed use property is situated in one of the most attractive and busy areas of Liverpool city centre.
Located opposite Liverpool One and within the thriving Castle Street restaurant scene, it offers a great location for a range of ground floor retail and leisure units including Tesco Express, Pavers, Pret a Manger and French bistro, Bouchon.
Office space on the remaining four floors is occupied by 14 different tenants, including Exchange Chambers and Medicash who moved into the building 12 years ago.
Sue Weir, Medicash chief executive, said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy. One Derby Square presents a tremendous opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.
“Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition is a testament to that commitment. We are thrilled to have completed this deal and look forward to delivering a healthy and sustainable workplace for all of our tenants.”
The deal, brokered by Worthington Owen, saw Medicash purchase the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and part of the Palace Capital Group.
The company has been renamed as One Derby Square Limited and is now a fully-owned subsidiary of Medicash.
Palace Capital acquired the property in 2019, for £14m.
Mark Worthington, director at Worthington Owen, said: “This is a great investment for Medicash that will not only allow them to grow as a business, but will generate a solid income stream over the years ahead. Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash.”
HB&O, DSG and Hill Dickinson acted as advisors during the procurement process, while Mason Owen and Hamlins acted for Palace Capital. In addition, CBRE will remain as building managers for One Derby Square and all its tenants.
