UK specialist investment manager Orchard Street has acquired the only purpose-built leisure scheme in Nottingham for £65 mln (€75 mln) from Land Securities.
The 201,000 ft2 (18500 m2) scheme, called The Cornerhouse, was acquired on behalf of St James’s Place UK PLC. Anchored by a 14-screen Cineworld, it comprises 11 restaurants, two bars, a nightclub and a casino. Key food and beverage tenants include Nandos, Wagamama and TGI Fridays whilst nightlife is provided by Revolution, the Slug and Lettuce and Genting Casinos amongst others.
'The Cornerhouse is a strong leisure asset with an impressive line-up of tenants, located in a city centre that is underpinned by strong demographic trends including urbanisation and a flourishing university population,' commented Barney Rowe, partner at Orchard Street. 'We are very pleased to increase our exposure to this ever more popular subsector where we are confident we can extract value over the long-term.'
'The sale of the Cornerhouse capitalises on the increased rental value we have created following our asset management strategy,' concluded Polly Troughton, head of portfolio, leisure at Land Securities.
Orchard Street was advised by Savills and Land Securities by JLL.
