Liverpool's Royal Albert Dock has been snapped up in a deal worth about £40m.

General Projects and investment management company neo capital have acquired the 375,000 sq ft dock, which is made up of the largest single collection of grade I-listed buildings in England.

The dock first opened in the 1840s as warehouses for global trade, and has since undergone repurposing and regeneration to include restaurants, bars, shops, two hotels and a collection of SME offices.

About six million people visit the location each year.

Following the deal, General Projects aims to implement a strategy of creative activations and public realm improvements to enhance the site's offering with events such as pop-ups and concerts.

This deal also marks General Projects' second site in the North West, with planning permission granted for Electric Park – a zero-carbon development of workspace and public realm in central Manchester – in 2020 – which is due to commence on site later this year.

Jacob Loftus, chief executive of General Projects, said: "We are truly honoured to have become custodians of one of our country's most significant landmarks and one of its most magnificent examples of industrial heritage. Already one of the busiest leisure and cultural destinations in England, we hope to add our energy and creativity to further evolve the Dock into the most exciting experiential and authentic destination in the UK. We look forward to nurturing the many exciting independent businesses on site, working collaboratively with our cultural neighbours and further activating Liverpool's amazing waterfront.

"Through further investments in public realm, activation and events, we hope to create a true community spirit and deliver a place that will benefit the entire City and really promote the absolute best of Liverpool."

A representative from neo capital added: "We are excited to acquire alongside our partner General Projects a landmark site in the city of Liverpool.

"This acquisition is a testament to our confidence in the UK real estate market and an important milestone to investing in high quality projects."

Metis Real Estate advised General Projects on the acquisition.