Any £40 million acquisition is difficult to pull off in today's market. Even more so when it involves a Grade II-listed estate on water, such as the Royal Albert Dock in Liverpool.
General Projects and Neo Capital bought the property from CBRE Investment Management for £40 million, 20% below the £49.2 million guide price. The complex transaction took five months to complete and involved a large project team including M&E consultants, structure engineers and specialists building surveyors as the dock is built on wooden piles.
As if the project were not challenging enough, two tenants entered administration during the sales process. The 375,000-square-foot estate is home to local, regional, and national operators, from bars and restaurants to tourist attractions, hotels and independent retailers and creative offices.
The new owners want to breathe fresh air into this UK landmark property by working with the city of Liverpool and looking at the property's past and connection to water. They have already started on refurbishing the offices, rebranding the property and launched a new shop frontage initiative for independent retailers. These moves won it a CoStar Impact award for the North West.
About the Project: The purchase of a historic property on water dating back to 1846.
What the Judges Said: "A very complex transaction which would require a level of technical due diligence far beyond a normal property transaction," said John Hughes, managing director, Ask Real Estate. "In a difficult market for mixed-use property investment, this deal stands out as one which will have required tenacity and commitment from all people involved to make it happen."
They Made It Happen: Jacob Loftus, founder and chief executive, and Adam Brady, investment associate, of General Projects. Alix Mills, senior director at CBRE IM. Metis REA director & co-owner Jonathan Mills and director – leisure agency and Tom Powell represented General Projects and Neo Capital. Joiner Cummings' partner Peter Flanders and managing partner John Blackwell advised CBRE IM. Katherine Ekers, partner and co-head of office investments, and Ed Glass, senior associate, at law firm Forsters advised the buyer. Daniel Glowacz, partner, real estate at Addleshaw Goddard advised the seller.