New Brighton’s Marine Point sold to London property investors for £42.5m

Liverpool property firm Promenade Estates has signed an eight-figure deal for the sale of Marine Point in New Brighton.

The 212,217 sq ft development was snapped up by London-based real estate investor Aprirose for £42.5m.

Located next to the Wirral seaside resort’s popular beach and promenade, Marine Point is currently home to a number of leisure brands, including restaurant chain Prezzo, discount retailer Home Bargains, coffee giant Starbucks and The Light Cinema.

The scheme, which attracts around 500k visits every year, is anchored by a 66-bed Travelodge and Morrisons.

Aprirose’s chief operating officer, Gary Jones, said: “Marine Point is our 16th transaction since Brexit and is a strong asset to add to our growing and diverse portfolio.

“The recently extended complex is a part of a £50m regeneration project for New Brighton and it is a popular family destination.”

He added: “It is another solid investment to add to our growing £1bn property portfolio.”

Promenade Estates’ managing director, Danny Hynd, commented: “We’re very proud of what we delivered at New Brighton and are pleased to have found fitting custodians for the asset.

“It was a very challenging development and relied on our full range of regeneration skills to be completed successfully.”

He continued: “This disposal adds to our existing, substantial cash reserves which we intend to deploy through the acquisition of prime development and asset management opportunities in the Liverpool area.”

The Leader of Wirral Council, Cllr Phil Davies, called the sale “a huge boost” for the Wirral’s economy.

He said: “It is incredibly positive to see, even in these uncertain times, that the borough is still able to attract such significant investment.”

Marine Point, Cllr Davies explained, is one of the UK’s “major success stories” of the last 10 years, adding: “This investment is testament to the confidence we and the business community have in the area going forward.”