Albert Dock sold for £42m

Arrowcroft has confirmed the sale of Liverpool’s grade one-listed waterfront landmark to Aberdeen Asset Management, the international investment manager, for £42.75m, a net initial yield of 5.6%.

The deal was first rumoured in November, with Aberdeen understood to have seen off five other bidders.

The 400,000 sq ft historic complex of former warehouses was restored by Arrowcroft in the 1980s and has been held as a wholly owned subsidiary since then under the name Albert Dock Company.

Albert Dock is home to occupiers including the Tate Gallery, Premier Inn, the Beatles Story and the Maritime Museum.

The freehold is being retained by Gower Street Estates, the trading name for Albert Dock.

Arrowcroft was represented by CBRE. Bruce Gillingham Pollard and Joiner Cummings advised Aberdeen.