Aberdeen Asset Management has acquired the commercial element of the Albert Dock development for £42.75 million, giving an initial yield of approximately 5.6%. The property consists of over 400,000 square feet of hotel, leisure, retail and office accommodation. Its occupiers include Holiday Inn, Premier Inn and The Beatles Story as well as a number of independent leisure, retail and office tenants.
The Albert Dock was originally built in the 1840s, and was saved from dereliction and restored to become a commercial and residential development in the 1980s. It has the largest grade one building collection in the country, and is also home to the Tate Gallery and the Maritime Museum. Aberdeen’s head of UK property transactions, Robert Cass, commented: “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.”