Marine Point

A retail and leisure development from Aprirose

PROMENADE ESTATES CONCLUDES £42.5m DISPOSAL OF MARINE POINT, NEW BRIGHTON

Published on Nov 9 2016 by Marine Point

Promenade Estates has concluded the sale of its successful mixed-use development, Marine Point in New Brighton, for £42.5m. London-based Aprirose, the real estate investment company, is the purchaser.

The 215,000 sqft shopping and leisure complex transformed the resort on Liverpool Bay, bolstering footfall and average spend significantly. New Brighton has now re-established its position as a family day trip destination for the Liverpool region, with Marine Point encouraging neighbouring owners to invest in their properties.

“We specialise in regenerating tricky sites and plenty of people warned us off New Brighton, but we always saw its potential,” said Danny Hynd, managing director of Promenade Estates.

“Someone memorably said that half our target audience would be fish, forgetting the enduring appeal of water and views over it.  We knew the right scheme would work and so it’s proved. The most satisfying thing is seeing other local land owners bringing redundant buildings back to use thanks to the kick-start we provided. That’s true regeneration,” added Danny.

Tenants occupying Marine Point include Prezzo, The Light Cinema, Home Bargains and Starbucks with the scheme anchored by a 68,440 sqftMorrisons and a 66-bed Travelodge. It enjoys approximately half a million visits annually.

Gary Jones, Chief Operating Officer at Aprirose said:“Marine Point is our tenth 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.”

Promenade Estates has now pledged to plough the sale proceeds back in to the Liverpool region and is actively seeking regeneration opportunities in the area. “This disposal adds to our existing, substantial cash reserves and we are assessing a number of opportunities through which we can put them to use. Liverpool is thriving and we want to continue playing our part in the city’s regeneration. People with land or assets should come and talk to us,” said Danny.