Medicash acquires One Derby Square in multi-million pound deal

24th July 2023

Liverpool-based health insurer Medicash acquires One Derby Square, the former Pearl Assurance House, in multi-million pound deal.
One Derby Square

Medicash, a leading provider of health and wellbeing solutions, is pleased to announce the successful acquisition of One Derby Square in a deal worth £12 million. This strategic investment marks another milestone for Medicash as it cements its position in the city where it was founded in 1871.

The five story, 70,161sq ft mixed use property, is situated within one of the most attractive and busy areas of Liverpool city centre. Located opposite Liverpool One and within the thriving Castle Street restaurant scene, it offers a great location for a range of ground floor retail and leisure units including Tesco Express, Pavers, Pret a Manger and French bistro, Bouchon.

Office space on the remaining four floors is occupied by 14 different tenants, including Exchange Chambers and Medicash who moved into the building 12 years ago.

Commenting on the acquisition, 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 a tremendous 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.

“Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition is a testament to that commitment.

We are thrilled to have completed this deal and look forward to delivering a healthy and sustainable workplace for all of our tenants.”

The deal, brokered by Worthington Owen, saw Medicash purchase the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and part of the Palace Capital Group. The company has been renamed as One Derby Square Limited and is now a fully owned subsidiary of Medicash.

Mark Worthington, Director at Worthington Owen said: “This is a great investment for Medicash that will not only allow them to grow as a business but will generate a solid income stream over the years ahead. Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash, and we were delighted to help broker the deal.”

HB&O, DSG and Hill Dickinson also acted as advisors during the procurement process, whilst Mason Owen and Hamlins acted for Palace Capital. In addition, CBRE will remain as building managers for One Derby Square and all its tenants.