London & Cambridge has bought the freehold on 26,012 sq m (280,000 sq ft) Arcadian shopping and leisure scheme in central Birmingham from BICC. About 60% of the undisclosed sale price was paid upon completion with the remainder payable in five years time.
The complex comprises an IBIS hotel, a 9-screen Virgin MGM Multiplex Cinema, restaurants, pubs and offices, together with some specialist retail and a multi-storey car park. Current rental income is more than £1m pa.
John Davis, managing director of London & Cambridge, said: “We believe strongly in the future of the leisure sector. This purchase will take our commercial property acquisitions for the year ended April 1996 to over £40m.” He added that the company is looking to spend up to £ 100m during the next 12 months.
L&C were represented by solictors Simkins Partnership and joint agents Howard Broe and Michael Thompson. Norton Rose acted for BICC.
EGi News 10/05/96
