Aberdeen Asset Management has bought Liverpool’s Albert Dock development ‎– a UNESCO world heritage site that is home to the Tate Liverpool and The Beatles Story — on behalf of clients for £42.75 million.

Aberdeen bought the development — which has the largest collection of Grade 1 buildings in the country — from Albert Dock Company, a subsidiary of Arrowcroft.

The development comprises 400,000 square feet of hotel, leisure, retail and office accommodation and its occupiers include Holiday Inn, Premier Inn, Gusto and Miller and Carter and also independent leisure, retail and office tenants.

The former working dock was built in the 1840s and was saved from dereliction by Arrowcroft in the early 1980s and restored to become a vibrant commercial and residential development.

The Liverpool Waterfront area is now a significant tourist destination with nearly six million people visiting Albert Dock every year.

“We take great pride in having restored these magnificent historic buildings and in so doing, led the regeneration of Liverpool’s waterfront and created an attraction that has global recognition,” said Nicholas Hai, chairman of Arrowcroft.

“It is now listed by UNESCO as a World Heritage site. After 33 years under our ownership we recognise that it is time to move on and it is pleasing that its future will be in the hands of a highly respected institution.

“We wish Aberdeen well in their stewardship of this development and into the next chapter of Albert Dock.”

Robert Cass, head of UK Property Transactions at Aberdeen, said: “We are delighted to have acquired this historic development on behalf of our clients.

“The outstanding environment and strong sense of place, coupled with the ongoing growth and development in the city offer a compelling opportunity.

“We commend Arrowcroft for their vision and dedication to restoring the development and very much look forward to working pro-actively both with Gower Street Estates and other stake holders in promoting and furthering the wider Albert Dock and Waterfront areas.”

Aberdeen Asset Management was advised by Joiner Cummings and Bruce Gillingham Pollard and Arrowcroft was advised by Franco Sidoli of CBRE.