Orchard Street Investment Management has bought the Cornerhouse in Nottingham from Land Securities for £65m.
The asset was bought on behalf of St James’s Place UK. The only purpose-built leisure scheme in Nottingham, the 201,000 sq ft Cornerhouse is anchored by a 14-screen Cineworld cinema and houses 11 restaurants, two bars, a nightclub and a casino.
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, said: “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; Land Securities was represented by JLL.
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