CBRE IM sells Liverpool’s Royal Albert Dock to joint venture
London-headquartered developer and investor General Projects and investment management company Neo capital have jointly acquired Liverpool’s Royal Albert Dock from CBRE Investment Management for about £40 million.
CBRE IM put the asset up for sale in July 2022 with an asking price of £49.2 million.
The 375,000 sq ft (34,839 sq m) dock comprises the largest single collection of Grade I listed buildings in England. The mixed-use asset includes restaurants, bars, shops, two hotels and a collection of offices for SMEs, within four landmark heritage buildings, .
The dockside buildings have undergone significant change since first opening as warehouses in 1846. Currently one of the UK’s leading commercial leisure attractions, Royal Albert Dock draws about six million visitors per year.
General Projects is planning to add new restaurants, bars and leisure concepts, new pop-ups, concerts and activities as well as public realm improvements to enhance the offer. The company said it wants to make Royal Albert Dock “one of the most exciting experiential destinations in the UK”.
Jacob Loftus, CEO of General Projects, said: “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.”
The scheme is General Projects’ second in the North West where it also has planning permission for Electric Park, a zero-carbon development of workspace and public realm in central Manchester which is due to start on site this year.
General Projects is also involved in the refurbishment and restoration of London projects including the former Woolworths HQ in Marylebone, Heal’s department store on Tottenham Court Road and the former Walworth Town Hall in Elephant & Castle.