Liverpool’s Royal Albert Dock sold for £40 million – New bars and restaurants promised
New investors have promised new restaurants, bars and leisure concepts as well as concerts and activities to the campus.
A joint venture between developer General Projects and investment management company Neo Capital has acquired the 375,000 sq ft leisure asset.
Having acquired the asset with Neo for around £40m General Projects plans to implement a strategy of creative activations and public realm improvements at the scheme.
Metis Real Estate advised General Projects on the deal.
Jacob Loftus, Chief Executive of General Projects, said:
“The company’s vision is to evolve the dock into the most exciting experiential and authentic destination in the UK”.
“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”.
Royal Albert Dock is made up of four grade one listed buildings, Britannia Pavilion, The Colonnades, Atlantic Pavilion and Edward Pavilion.
The scheme is let to 56 tenants and generates £3.6m in rent annually.
The scheme’s two hotels, Premier Inn and Holiday Inn, account for around 30% of this income, while food and drink operators pull in almost half of the total revenue.
Other tenants at Royal Albert Dock include The Beatles Story Museum and various restaurants and bars. Loftus 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.”
General Projects is also developing the 500,000 sq ft Electric Park office scheme in Manchester, now
The developer’s other schemes include the refurbishment 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 into mixed-use hubs.
The Royal Albert Dock transaction is the second time General Projects and Neo Capital have joined forces.
In 2021, the firms partnered up on the redevelopment of 43 Brook Green into a new 120,000 sq ft office.
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 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.”
Neo Capital has offices in London and Dubai and has invested in property in the USA, UK, Germany, and the Netherlands.
For more on Liverpool’s Royal Albert Dock click HERE.