Surrey County Council has completed its purchase of a Worcester leisure complex for £11.8m.
The 37,715 sq ft property, at 49-59 and 77 Friar Street, which was bought from Avignon, is anchored by Vue Cinema, Nandos and Subway and includes 13 residential units.
The purchase follows a number of investment deals completed by BNP Paribas Real Estate on behalf of local authorities, such as Arch Commercial Enterprise’s £78m purchase of Manor Walks shopping centre and £36m purchase of Westmorland Retail Park, both in Cramlington, Tyne & Wear, in July and November respectively.
Andrew Meikle, senior director in Investment at BNP Paribas Real Estate said: “This asset has a strong unexpired term combined with an exceptional tenant line-up. The location is already the core leisure destination for Worcester and the surrounding area which will only get stronger due to the development of more leisure space in the immediate vicinity.”
Savills advised Avignon.
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