Liverpool-based health insurer, Medicash, has successfully acquired One Derby Square, formerly known as Pearl Assurance House, in a deal worth £12 million. This strategic investment is a significant milestone for Medicash as it reinforces its presence in the city where it was established back in 1871.
The property in question is a five-story, 70,161 square feet mixed-use building, ideally located in one of the most attractive and bustling areas of Liverpool city centre. Situated opposite Liverpool One and amidst the vibrant Castle Street restaurant scene, it offers an excellent location for various ground floor retail and leisure units. Some of the current tenants include Tesco Express, Pavers, Pret a Manger, and the French bistro, Bouchon.
The remaining four floors of the building are occupied by 14 different tenants, including Exchange Chambers and Medicash, which has been situated in the building for the past 12 years.
Sue Weir, Chief Executive of Medicash, expressed her excitement about the acquisition, highlighting that it represents a significant development for the company’s growth strategy. One Derby Square presents a tremendous opportunity for Medicash to expand its services, generate new income streams, and better serve its 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 reflects that dedication. The company is looking forward to providing a healthy and sustainable workplace for all its tenants.
The deal 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 acquisition, the company has been renamed as One Derby Square Limited and is now a wholly owned subsidiary of Medicash.
Mark Worthington, Director at Worthington Owen, praised the investment as it not only allows Medicash to grow as a business but also promises a stable income stream in the years ahead. He mentioned that after evaluating various opportunities in the market, One Derby Square stood out as the best building for Medicash, and they were delighted to assist in brokering the deal.
During the procurement process, HB&O, DSG, and Hill Dickinson acted as advisors, while Mason Owen and Hamlins represented Palace Capital. Additionally, CBRE will continue to serve as the building manager for One Derby Square and all its tenants.
