Medicash acquires Liverpool’s One Derby Square building for £12 million
Medicash, a tenant in the building, has acquired One Derby Square for £12m.
The five-storey building, previously known as Pearl Assurance House, is located opposite Liverpool ONE and is let to 14 tenants, including Mediacash, which occupies 12,500 sq ft.
Other occupiers include Exchange Chambers and Adecco. The ground floor is let to Tesco Express, Pavers, Pret a Manger, and French bistro, Bouchon.
Sue Weir, chief executive of Medicash, 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 well-being of individuals and organisations, and this acquisition is a testament to that commitment.”
Medicash has purchased One Derby Square through the acquisition of Palace Capital Liverpool, the SPV that owned the building.
The company has been renamed as One Derby Square Limited and is now a fully-owned subsidiary of Medicash.
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, and we were delighted to help broker the deal.”
HB&O, DSG, and Hill Dickinson also advised on the deal.
Mason Owen and Hamlins acted for Palace Capital.
CBRE will remain as building manager for One Derby Square and all its tenants.
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