Tue, 12 Jul 2022 | COMMERCIAL PROPERTY
Liverpool’s landmark Royal Albert Dock has been put up for sale with a price tag of £49.25 million. The dock, which last year marked its 175th birthday, has been majorly regenerated in recent years, going from a state of dereliction to become a thriving mixed-use development and one of the UK’s most popular free attractions.
The site covers 375,295 sq ft and offers a range of leisure services, including museums, bars, restaurants and hotels. In total, the dock has 56 tenants, generating £3.6 million in annual rental income, representing a net initial yield of approximately 7 per cent.
Tenants include both major retail chains and independent retail, leisure and office occupants. Around 30 per cent of the site’s rental revenue is generated by two popular hotels, the Premier Inn and Holiday Inn.
Among the Royal Albert Dock’s major attractions is The Beatles Story, while the site is also home to the popular Merseyside Maritime Museum, International Slavery Museum and Tate Liverpool. These three attractions are not included in the deal, however. The dock complex is comprised of four Grade I-listed buildings: Atlantic Pavilion; Britannia Pavilion; The Colonnades and Edward Pavilion.
Opening in 1876 as a warehouse space for Liverpool’s docks, the site had fallen into disuse by the early 1980s. The dock was acquired and regenerated by the Merseyside Development Corporation but struggled as a retail destination due to its distance from Liverpool’s city centre.
However, the opening of the Liverpool ONE scheme and ACC Liverpool events and conference venue in 2008 saw the site begin to flourish and it has since gone on to become one of the city’s major tourist attractions, with annual visitor numbers exceeding 6 million prior to the pandemic. In 2018, the site underwent a £1 million refurbishment and was awarded Royal status by the Queen.
Joiner Cummings has been appointed by CBRE Investment Management to find a buyer for the site. The sale of the iconic dock complex comes shortly after another major Liverpool landmark, the Royal Liver Building, was put up for sale with a £90 million asking price.
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