Asset manager acquires historic site
Aberdeen buys Liverpool heritage in £43m docks deal
Aberdeen Asset Management has acquired a slice of Liverpool history after buying Royal Albert Dock from developer Arrowcroft for £42.75 million.
The redeveloped shipping area is now home to The Beatles Story and the Tate Gallery among 400,000 sq ft of hotel, leisure, retail and office space which includes Holiday Inn and Premier Inn.
The dock, built in the 1840s and fell out of use after 1945. By 1972 they were destined to close altogether. In 1981 it was decided to turn them into a tourist attraction.
There were saved by Arrowcroft and now comprise the largest collection of Grade 1 listed buildings in the country, making up a Unesco World Heritage Site.
The docks attract more than six million visitors a year as a result of improvements to the Liverpool Waterfront through public and private investment.
Nicholas Hai, chairman of Arrowcroft, 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.
“We wish Aberdeen well in their stewardship of this development and into the next chapter of Albert Dock.”
Robert Cass, head of UK property transactions at Aberdeen Asset Management, said: “In an age of convenience and online shopping, destinations need to really stand out, and Albert Dock and the wider waterfront area does just that.
“The Dock’s heritage and environment attracts huge numbers of visitors and as a destination and commercial opportunity, Albert Dock will only become more popular as Liverpool’s economy continues to grow.
“There are really compelling investment opportunities in northern cities where economic and employment growth is strong and will be underpinned by increasing devolution.”