Liverpool-based health insurer, Medicash, has successfully completed the acquisition of One Derby Square, the former Pearl Assurance House, in a deal worth £12 million. This strategic investment represents a significant milestone for Medicash, solidifying its position in the city where it was established in 1871.
The property, covering a space of 70,161 sq ft and spanning five stories, is strategically located in one of Liverpool city centre’s most vibrant and attractive areas. Positioned opposite Liverpool One and surrounded by the thriving Castle Street restaurant scene, it offers an ideal location for a variety of ground floor retail and leisure units. Some of the current tenants in the building include Tesco Express, Pavers, Pret a Manger, and the French bistro, Bouchon.
On the remaining four floors, the building accommodates office spaces occupied by 14 different tenants, including Exchange Chambers and Medicash, which has been located in the building for the past 12 years.
Sue Weir, Chief Executive of Medicash, expressed enthusiasm about the acquisition, stating that it represents a pivotal moment in the company’s growth strategy. One Derby Square provides an excellent opportunity for Medicash to expand its services, create new income streams, and better serve both existing and future customers for years to come. Weir reiterated Medicash’s commitment to enhancing the health and wellbeing of individuals and organisations, viewing the acquisition as a testament to that commitment. The company is looking forward to creating a healthy and sustainable workplace environment 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, expressed his satisfaction with the deal, highlighting that it provides Medicash with an opportunity to grow as a business and generate a stable income stream in the years ahead. One Derby Square was identified as the best building for Medicash after a thorough market review, and Worthington Owen was delighted to be involved in brokering the deal.
During the procurement process, HB&O, DSG, and Hill Dickinson served as advisors, while Mason Owen and Hamlins represented Palace Capital. Additionally, CBRE will continue to manage the building for One Derby Square and all its tenants.
