Mon, 27 Feb 2017 | COMMERCIAL PROPERTY
The Printworks, Manchester city centre’s four floor, 350,000 sq ft leisure destination, has been acquired for £108 million.
Land Securities today announced the completed sale of the site, which was redeveloped and re-opened in 2009, to DTZ Investors.
The Printworks, which welcomes more than seven million visitors a year, houses a 20-screen Odeon cinema which includes the only Imax screen in Manchester, a host of food and drink venues including brands like Tiger Tiger, Hard Rock Cafe and Wagamama and a health club.
The scheme is close to the MEN Arena and enjoys footfall from people attending events there. It generates a net annual income of £6.75 million.
Polly Troughton of Land Securities said: “We have created value at the Printworks through asset management, resulting in the lowest level of vacancy rates for a number of years. This sale crystallises the increased value the team has delivered.”
Tony Brothwell at DTZ Investors said: “We have been looking to gain exposure to the vibrant central Manchester retail and leisure market and the Printworks represents a rare opportunity to acquire a major freehold investment located in the core of the city on an attractive yield basis.”
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