Liverpool’s historic Albert Dock sold in multi-million pound deal

Liverpool’s Albert Dock has been snapped up by Aberdeen Asset Management in a deal worth almost £43m.

The Unesco heritage site, which houses the Maritime Gallery, Tate Liverpool, The Beatles Story museum and a number of food and leisure businesses, forms the centrepiece of the regeneration efforts along Liverpool’s historic waterfront.

During the 1980s and ’90s, the site was also home to the Richard and Judy show.

According to a report in the Telegraph, the deal with The Albert Dock Company, a subsidiary of real estate investment firm Arrowcroft, encompasses 400,000 sq ft of commercial and residential space and was settled for £42.75m.

Arrowcroft chairman Nicholas Hai said: “We take great pride in having restored these magnificent historic buildings and, in so doing, led the regeneration of Liverpool’s waterfront and created an attraction that has global recognition.

“After 33 years under our ownership we recognise that it is time to move on and it is pleasing that its future will be in the hands of a highly respected institution.”

He added: “We wish Aberdeen well in their stewardship of this development and into the next chapter of Albert Dock.”

Albert Dock, which attracts over six million visitors each year, houses the country’s largest collection of grade I-listed buildings.

The head of UK property transactions at Aberdeen, Robert Cass, commented: “We are delighted to have acquired this historic development on behalf of our clients.

“The outstanding environment and strong sense of place, coupled with the ongoing growth and development in the City, offer a compelling opportunity.”

Robert continued: “We commend Arrowcroft for their vision and dedication to restoring the development and very much look forward to working pro-actively both with Gower Street Estates and other stakeholders in promoting and furthering the wider Albert Dock and waterfront areas.”