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Royal Albert Dock L3 4AA

Status: Sold

Date: 30 May, 2023

Type: Alternatives

Internationally Renowned Prime Leisure and Hotel Investment

In May 2023, Joiner Cummings acted on the sale of a prime leisure and hotel investment in Liverpool on behalf of an institutional client.

  • Iconic leisure and hotel asset located at the heart of Liverpool’s famous waterfront. It is the largest collection of Grade 1 listed buildings in the UK and is the main leisure and tourist destination in Liverpool with over 6.3m annual (pre-Covid-19) visitors.
  • Landmark buildings surround Albert Dock; the Three Graces, Mann Island, the Museum of Liverpool and the Cruise Terminal are to the north, and the Kings Dock, M&S Bank Arena, Convention Centre and Exhibition Centre are to the south.
  • Comprises 375,295 sq ft (34,866 sq m) of mixed use accommodation providing restaurants, bars, offices, two hotels, retail units and museums within four buildings at Albert Dock.
  • Tenants include national brands trading as Premier Inn, Holiday Inn, The Beatles Story, Gusto, Rosa’s Thai Café and Miller & Carter as well as a number of independent leisure, retail and office tenants.
  • Tenure: 999 year leasehold from 1st October 1985 at a peppercorn rent.
  • The property is let on 70 leases to 56 tenants producing a gross income of £3,663,231 per annum.
  • The two hotel tenants (Premier Inn Hotels Limited and Centre Island Development Ltd t/a Holiday Inn) account for 28.96% of the total income and are let on a combined average weighted unexpired lease term of 27.61 years to expiry and 14.18 years to break.
  • 41.28% of the income (64.82% of floor area) is subject to indexed linked or fixed increases at rent review.
  • Highly attractive weighted unexpired term to lease expiry of 14.88 years and 10.40 years to breaks.
  • The investment provides numerous short and medium term asset management opportunities.