Aprirose, the real estate investment company, has agreed to purchase Marine Point in New Brighton, Merseyside, for £42.5m from developer Promenade Estates.
Marine Point is a 212,217 sq ft shopping and leisure complex next to New Brighton beach and promenade in Wirral.
Tenants occupying Marine Point include Prezzo, The Light Cinema, Home Bargains and Starbucks.
The complex is anchored by a 68,4470 sq ft Morrisons supermarket and a 66-bedroom Travelodge, and attracts approximately 500,000 visits annually.
Danny Hynd, managing director of Promenade Estates, said: “We’re very proud of what we delivered at New Brighton and are pleased to have found fitting custodians for the asset. It was a very challenging development and relied on our full range of regeneration skills to be completed successfully. This disposal adds to our existing, substantial cash reserves which we intend to deploy through the acquisition of prime development and asset management opportunities in the Liverpool area. We are assessing a number of interesting opportunities and are always keen to speak with asset owners seeking an exit.”
Cllr Phil Davies, Wirral Council leader, said: “This is a huge boost for Wirral’s economy. It is incredibly positive to see, even in these uncertain times, that the borough is still able to attract such significant investment. Marine Point, as part of the wider regeneration of New Brighton, has been one of the country’s major success stories over the last 10 years and this investment is testament to the confidence we and the business community have in the area going forward.”
Aprirose was advised by CBRE and Promenade was advised by Savills.