Last Updated on: 21st November 2023, 10:47 pm
Liverpool-based health insurer, Medicash, has successfully acquired One Derby Square, the former Pearl Assurance House, in a deal worth £12 million. This strategic investment marks a significant milestone for Medicash, reaffirming its position in the city where it was established in 1871.
The property, a five-story, 70,161 sq ft mixed-use building, is strategically located in one of the most attractive and bustling areas of Liverpool city centre. It sits opposite Liverpool One and amidst the thriving Castle Street restaurant scene, making it an ideal location for various ground floor retail and leisure units, including well-known establishments like Tesco Express, Pavers, Pret a Manger, and French bistro, Bouchon.
The remaining four floors of the building house office spaces occupied by 14 different tenants, among them Exchange Chambers and Medicash, who have been tenants for the past 12 years.
Sue Weir, Chief Executive of Medicash, expressed enthusiasm about the acquisition, stating, “This marks an exciting development for Medicash and is a pivotal moment in our growth strategy. One Derby Square provides a tremendous opportunity for us to expand our services, create new income streams, and better serve our existing and future customers for many years to come.”
She emphasised that Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition underscores that commitment. The company is looking forward to providing a healthy and sustainable workplace for all tenants.
The acquisition was facilitated by Worthington Owen, with Medicash purchasing the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square and was part of the Palace Capital Group. Following the purchase, the company has been renamed as One Derby Square Limited and now operates as a fully owned subsidiary of Medicash.
Mark Worthington, Director at Worthington Owen, expressed satisfaction with the investment, stating, “This is an excellent move for Medicash, allowing them to grow their business and generate a stable income stream in the years ahead. After reviewing various opportunities in the market, it was evident that One Derby Square was the ideal choice for Medicash, and we were delighted to assist in brokering the deal.”
HB&O, DSG, and Hill Dickinson also provided advisory services during the procurement process, while Mason Owen and Hamlins acted on behalf of Palace Capital. Additionally, CBRE will continue as the building managers for One Derby Square and all its tenants.
