UK developer and investor General Projects and investment management company Neo Capital acquired Liverpool’s Royal Albert Dock for a price in the region of £40 mln (circa €46 mln).
The 375,000 ft2 (35,000 m2) 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 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 add restaurants, bars and leisure concepts in the coming years. A diverse programme of events and activations will bring new pop-ups, concerts and activities to the campus.
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 commence 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 & 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.
'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 in the Royal Albert Docks. This acquisition is a testament to our confidence in the UK real estate market and an important milestone to investing in high quality projects.
Next week, Liverpool Waterfront will be under the global spotlight as it welcomes the Eurovision Song contest to Liverpool Arena.
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 ft2 best in class design-led office HQ.
Metis Real Estate advised General Projects on the acquisition.
