09 November 2016, London: Aprirose, the real estate investment company, has agreed to purchase Marine Point in New Brighton, Merseyside, for £42.5 million from Promenade Estates.
Marine Point is a 212,217 sq ft shopping and leisure complex next to New Brighton beach and promenade in Wirral. It is a popular tourist destination, five minutes from a metro station connecting it with Liverpool city centre, with restaurants, cafes, shopping, a cinema and theatre. Tenants occupying Marine Point include Prezzo, The Light Cinema, Home Bargains and Starbucks.
The complex is anchored by a 68,4470 sq ft Morrisons and a 66-bed Travelodge, and attracts approximately 500,000 visits annually.
Gary Jones, Chief Operating Officer at Aprirose said: “Marine Point is our sixteenth transaction since Brexit and is a strong asset to add to our growing and diverse portfolio. The recently extended complex is a part of a £50 million regeneration project for New Brighton and it is a popular family destination. It is another solid investment to add to our growing £1 billion property portfolio.”
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.”
Aprirose was advised by CBRE and Promenade was advised by Savills.