Completed by Promenade Estates in 2011 and costing £65m to build, New Brighton leisure and retail scheme Marine Point has changed hands for £44m. Tony McDonough reports
A retail and leisure scheme that helped reverse the decline of New Brighton has been sold for £44m.
Marine Point, which comprises 236,615 sq ft, was built by Promenade Estates in 2011 at a cost of £65m. It is anchored by a Morrisons supermarket and attracts around 500,000 visitors a year.
Property investor David Samuel Properties has acquired Marine Point from Aprirose for £44m. Promenade Estates sold it to Aprirose two years ago for £42.5m.
Marine Point is located on New Brighton waterfront close to Fort Perch Rock. Offering views across to Liverpool and out to the Irish Sea, the development houses a number of well known brands. These include the Light cinema and 66-bedroom Travelodge.
Other occupiers at the stem include supermarket Iceland, pub operator Greene King, retailer Home Bargains. There are also hospitality outlets including Prezzo, Costa and Starbucks.
Meenal Devani, chief investment officer at Aprirose, said: “We are pleased to have executed the sale of this asset, taking the opportunity to recycle our capital as we look to continue to invest heavily in sectors such as affordable PRS, student accommodation, hospitality, leisure and industrial real estate.”
CBRE acted for Aprirose, David Samuel Properties was advised by Metis Real Estate Advisors.