Monday, August 20, 2023
Anglo Irish Bank and Alanis snap up Liverpool's Metquarter
Anglo Irish Bank Private Banking and Alanis Capital, advised by Savills and HWBC, have purchased the freehold shopping centre investment of the Metquarter in Liverpool city centre as a joint venture from Milligan / Richardson, for an undisclosed sum.
The scheme totals 135,626 sq ft (12,600 sq m) and comprises 44 retail units arranged over lower and upper ground floors, with an additional mezzanine level, currently let to 40 retail tenants and the majority of leases are for a minimum term of 10 years. Savills has been retained to manage the scheme and secure future lettings. Milligan is remaining involved in the future marketing strategy for the scheme.
The shopping centre was developed in a joint venture by Milligan and Richardson, and opened in March 2006. The trail-blazing centre integrates art, innovative design and leading fashion and lifestyle brands, including Armani, Whistles, Hobbs, Coast, LK Bennet, Hugo Boss, Flannels and Gieves & Hawkes.
Mark Garmon-Jones, director at Savills, comments: "Liverpool's city centre is currently undergoing staggering levels of inward investment and regeneration, and the Metquarter has been one of the main drivers of this transformation. A forecasted £780 million rise in the city's yearly retail expenditure, upon the completion of Liverpool One and the European Capital of Culture status in 2008, makes this an attractive acquisition for our clients."
John Milligan adds: "Developing and opening Metquarter in Liverpool has been a fantastic experience and I'm looking forward to seeing Liverpool and the centre continuing to develop over the next few years. The decision to sell has not been an easy one for us, as we've collaborated closely with so many partners in Liverpool. With this in mind, I'm very keen that Milligan maintains its connection to this great city in the coming years.
"We continue to look for opportunities throughout the North West and are also working on retail projects in Spain and Portugal.
The scheme totals 135,626 sq ft (12,600 sq m) and comprises 44 retail units arranged over lower and upper ground floors, with an additional mezzanine level, currently let to 40 retail tenants and the majority of leases are for a minimum term of 10 years. Savills has been retained to manage the scheme and secure future lettings. Milligan is remaining involved in the future marketing strategy for the scheme.
The shopping centre was developed in a joint venture by Milligan and Richardson, and opened in March 2006. The trail-blazing centre integrates art, innovative design and leading fashion and lifestyle brands, including Armani, Whistles, Hobbs, Coast, LK Bennet, Hugo Boss, Flannels and Gieves & Hawkes.
Mark Garmon-Jones, director at Savills, comments: "Liverpool's city centre is currently undergoing staggering levels of inward investment and regeneration, and the Metquarter has been one of the main drivers of this transformation. A forecasted £780 million rise in the city's yearly retail expenditure, upon the completion of Liverpool One and the European Capital of Culture status in 2008, makes this an attractive acquisition for our clients."
John Milligan adds: "Developing and opening Metquarter in Liverpool has been a fantastic experience and I'm looking forward to seeing Liverpool and the centre continuing to develop over the next few years. The decision to sell has not been an easy one for us, as we've collaborated closely with so many partners in Liverpool. With this in mind, I'm very keen that Milligan maintains its connection to this great city in the coming years.
"We continue to look for opportunities throughout the North West and are also working on retail projects in Spain and Portugal.
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