Orchard Street Investment Management has paid £65m for Land Securities’ Cornerhouse leisure scheme in Nottingham.
The only purpose-built leisure scheme in Nottingham was acquired on behalf of St James’s Place UK. The 201,000 sq ft scheme is anchored by a 14-screen Cineworld as well as providing 11 restaurants, two bars, a nightclub and a casino. Key food and beverage tenants include Nandos, TGI Fridays, and Wagamama, while nightlife providers include Revolution, the Slug and Lettuce and Genting Casinos.
Barney Rowe, partner at Orchard Street, said: “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. 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.”
Polly Troughton, head of portfolio, leisure at Land Securities, added: “The sale of the Cornerhouse capitalises on the increased rental value we have created following our asset management strategy.”
Orchard Street was advised by Savills and Land Securities by JLL.
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