Ex-Pearl Assurance House in Liverpool changes hands in £12m deal

An existing tenant at the former Pearl Assurance House in Liverpool has become the new owner of the building for £12m. Medicash, which occupies 12,500 sq ft at the five-storey building located at One Derby Square, opposite Liverpool ONE, has secured landlord’s title through the acquisition of Palace Capital (Liverpool), which owned the building. One Derby Square is currently let to 14 tenants, including Exchange Chambers and Adecco. The ground floor is let to Tesco Express, Pavers, Pret a Manger and French bistro Bouchon. Sue Weir, chief executive of Medicash, said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy. One Derby Square presents an opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.” Mason Owen and Hamlins acted for Palace Capital. HB&O, DSG and Hill Dickinson also advised on the deal. CBRE will remain as building manager for One Derby Square and all its tenants. To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Discover which agents have been most active in Liverpool so far this year >>