The £490m deal was confirmed on Tuesday morning
The sale of Liverpool ONE represents “a great opportunity for a new chapter and new investment”, according to the leader of the city council. It was confirmed earlier today the shopping and leisure complex has been sold to a London-based property company in a massive multi-million pound deal.
Real estate investors at Landsec announced their newly-acquired 92% stake in the city centre site. Reacting to the sale, Cllr Liam Robinson, leader of Liverpool Council heralded the success of the sprawling site that first welcomed customers on Paradise Street in 2008.
The majority stake was purchased from the Abu Dhabi Investment Authority (ADIA), which held 69% of Liverpool ONE, and Grosvenor, which held 23%, for an overall consideration of £490m. Of this, a payment of £35m to ADIA is deferred for two years.
READ MORE: Mum, 42, given two years to live after noticing she felt breathlessREAD MORE: Hopes housing plan can be revived as north Liverpool regeneration continues
The city centre plot is the largest open-air shopping centre in the country, attracting 22m people each year. Retail sales have grown by 5% over the past 12 months, with new leases signed 10% above the estimated rental value, re-lettings and renewals 5% above previous passing rent, and overall occupancy of 96%.
Reflecting on the sale, Cllr Robinson said: “Liverpool ONE has been one of the UK’s great retail success stories of the 21st century, and its arrival and growth has been transformational for Liverpool’s visitor economy and appeal – the vision of Grosvenor working with the council since 1996 has truly been delivered. I’d like to thank Grosvenor for their stewardship and partnership over the past few decades, their legacy to Liverpool is unquestionable.
“I welcome Land Securities’ acquisition of the Liverpool ONE estate, it represents a great opportunity for a new chapter and new investment for our city centre; I look forward to meeting the owners to discuss their plans.” Based in London, Landsec owns a number of retail spaces across the UK, including Trinity Leeds and Bluewater in Stone, Kent.
Grosvenor’s sale of its stake now marks the end of its 20 year association with Liverpool ONE, construction of which began in 2004. It opened four years later to coincide with the city’s status as European Capital of Culture.
