Liverpool-based health insurer Medicash has successfully completed the acquisition of One Derby Square, the former Pearl Assurance House, in a significant deal worth £12 million. This strategic investment represents a major milestone for Medicash, reaffirming its position in the city where it was originally founded in 1871.
The property, a five-story, 70,161 sq ft mixed-use building, is located in one of Liverpool city centre’s most attractive and bustling areas. Positioned opposite Liverpool One and amidst the thriving Castle Street restaurant scene, it offers an excellent location for various ground floor retail and leisure units, including popular brands like Tesco Express, Pavers, Pret a Manger, and the French bistro, Bouchon.
While the ground floor hosts retail and leisure spaces, the remaining four floors accommodate office spaces occupied by 14 different tenants, including Exchange Chambers and Medicash itself, which has been located in the building 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 signifies a strategic moment in our growth journey. One Derby Square presents a tremendous opportunity for us to expand our services, generate new income streams, and better serve our existing and future customers for many years to come.”
She further added, “Medicash remains dedicated to its mission of enhancing the health and wellbeing of individuals and organisations, and this acquisition exemplifies that commitment. We are delighted to have finalised this deal and eagerly anticipate providing a healthy and sustainable workplace for all of our tenants.”
The transaction, facilitated by Worthington Owen, involved Medicash acquiring the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square and was part of the Palace Capital Group. 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, commented, “This is a significant investment for Medicash that not only fosters their business growth but also ensures a stable income stream in the years to come. After thoroughly evaluating the market for potential opportunities, it became evident that One Derby Square was the best fit for Medicash, and we were delighted to facilitate the deal.”
During the procurement process, advisory services were provided by HB&O, DSG, and Hill Dickinson, while Mason Owen and Hamlins acted on behalf of Palace Capital. Additionally, CBRE will continue to serve as the building managers for One Derby Square and all its tenants.
