Arrowcroft close to £45m sale of Albert Dock

Liverpool’s grade 1-listed waterfront landmark is understood to be under offer to Aberdeen Asset Management, the international investment manager.

The 400,000 sq ft complex of offices, two hotels, extensive bars and restaurants, was brought to market by CBRE on behalf of Arrowcroft.

Arrowcroft restored the historic complex of former warehouses in the 1980s and held it as a wholly owned subsidiary since.

The asking price was £40m and Arrowcroft is understood to have achieved more than 10% above that; a sale price of £45m would represent a net initial yield of 6%.

The interest being disposed of by Arrowcroft is the 999-year lease, at a peppercorn rent, the freehold owned by Gower Street Estates. The sale does not include residential units at the Colonnades which have already been sold off separately.

Aberdeen is believed to have beaten off five other bidders to win the deal.

A spokesman for Arrowcroft said: “I can confirm that Arrowcroft is marketing its interests within Albert Dock. This is essentially the long-term leasehold of the commercial spaces, including the restaurants, some office and retail spaces and the two hotels.”

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Good memories working on this in the late 1980’s. Served a full bricklaying apprenticeship on here and it’s stood me in good stead ever since. Thankyou Margaret Thatcher for giving Merseyside youths like me a chance under late ’80s free enterprise and training scheme initiatives. A wonderful woman, did me a favour I’ll always be thankful for.

By Spot