Land Securities has acquired The Printworks, central Manchester's dominant leisure scheme for £93.9 mln (approx. 117 mln).
The Printworks is prominently located in central Manchester.
The Printworks was developed in 2000 and is prominently located in central Manchester. It attracted over nine million visitors in 2011 and is close to excellent transport links, the Manchester Evening News arena (MEN), the Arndale centre, Harvey Nichols and Selfridges.
The scheme comprises over 350,000 ft² (approx. 32,515 m²) of leisure accommodation and is currently 93% let with a weighted average unexpired term of 12.9 years. It houses an excellent variety of occupiers including the only IMAX cinema in Manchester, a Virgin Active health club, national restaurants and some nightclub and bar operators.
Commenting on the purchase, Land Securities' Executive Director Richard Akers said: "Leisure is not subject to the same structural changes currently occurring in retail and its importance in how and where people choose to shop is growing. The Printworks is the dominant leisure scheme in one of the top cities in the UK and its acquisition builds upon the significant relationships we have across our portfolio with leisure operators."
Source: Land Securities