In May the Royal Albert Dock in Liverpool changed hands for £40m and now its new owner has tasked CBRE with overseeing a new transformation. Tony McDonough reports
CBRE’s property management team has retained the full management of Liverpool’s Royal Albert Dock which has just changed hands in a £40m deal.
In early May, London developer and investor, General Projects, and Dubai investment management company, neo capital acquired the estate which comprises four Grade I-listed buildings.
In July 2022, CBRE Investment Management appointed London-based agency Joiner Cummings to find a buyer for the 375,295 sq ft mixed-use development with a price tag of almost £50m.
Following the sale the new owners said it intended to “implement a strategy of creative activations and public realm improvements” to the dock which attracts millions of visitors every year.
Now they have retained CBRE to continue managing the estate and oversee the improvements. It will provide full property management services
Royal Albert Dock originally opened in 1846 and shortly before its 175th anniversary was given the title ‘Royal’ by the Queen.
It is made up of Britannia Pavilion, The Colonnades, Atlantic Pavilion and Edward Pavilion. By the early 1980s it had collapsed into dereliction. It was brought back to life by the Merseyside Development Corporation.
It wasn’t until the opening of the ACC Liverpool events and conference venue and the £1bn Liverpool ONE scheme in 2008 that the venue realised its true potential.
There are more than 50 tenants at Royal Albert Dock. They generate an annual rental income of £3.6m. Around 30% of this revenue comes from two hotels – the Premier Inn and Holiday Inn.
As well as multiple food and drink operators the dock is also home to the Tate gallery, Merseyside Maritime Museum and The Beatles Story. It also offers office space. Pre-pandemic visitor numbers annually exceeded 6m.
Andrew Willoughby, director at CBRE said: “We are excited to continue our work at the Royal Albert Dock.
“This is a truly iconic site and the new owners will bring fresh energy and creativity to further stimulate Liverpool’s fantastic waterfront and we look forward to supporting their exciting placemaking vision at the site.”