Corporate health cash plan provider Medicash acquires its Liverpool city centre headquarters in £12m deal. Tony McDonough reports
Medicash has acquired its headquarters, the five-storey One Derby Square in Liverpool, for £12m.
Formerly Pearl Assurance House, the 70,161sq ft mixed use property is in Derby Square on the corner of Lord Street and Castle Street. Medicash moved in 12 years ago relocating just yards from Lord Street.
It occupies one of the five floors while the remains four floors has 14 different tenants. They include the barristers of Exchange Chambers. Ground floor retail and leisure units include Tesco Express, Pavers, Pret a Manger and French bistro, Bouchon.
Founded in the charity hospitals of Liverpool in 1871, Medicash has become the UK’s oldest and largest corporate health cash plan provider. In February it reported it had signed up 125,000 new policyholders in 2022, taking the total to a record 482,000.
In June Medicash said it had passed the half a million mark and announced it was to give £2.1m to NHS hospitals and facilities across the North West over the next four years. This will be through its charitable arm, the Medicash Foundation.
Sue Weir, chief executive of Medicash, said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy.
“One Derby Square presents a tremendous opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.”
The deal, brokered by Worthington Owen, saw Medicash purchase the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and part of the Palace Capital Group.
The company has been renamed as One Derby Square Limited and is now a fully owned subsidiary of Medicash.
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Mark Worthington, director at Worthington Owen, said: “This is a great investment for Medicash that will not only allow them to grow as a business but will generate a solid income stream over the years ahead.
“Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash, and we were delighted to help broker the deal.”
HB&O, DSG and Hill Dickinson also acted as advisors during the procurement process, whilst Mason Owen and Hamlins acted for Palace Capital. In addition, CBRE will remain as building managers for One Derby Square and all its tenants.