Orchard Street Investment Management, commercial property investment manager, has completed the acquisition of The Cornerhouse, Nottingham from Land Securities PLC for €75.3m (£65m). The asset was acquired on behalf of St James’s Place UK PLC.
The only purpose-built leisure scheme in Nottingham, the 201,000ft² Cornerhouse is anchored by a 14-screen Cineworld as well as providing 11 restaurants, two bars, a nightclub and a casino. Key food and beverage tenants include Nandos, Wagamama and TGI Fridays whilst nightlife is provided by Revolution, the Slug and Lettuce and Genting Casinos amongst others. Its central location means that the asset benefits from a steady flow of visitors from nearby universities, shopping facilities at Victoria Centre and Upper Parliament Street and local theatres, attracted by The Cornerhouse’s offering that provides for both day and night time leisure pursuits.
Barney Rowe, Partner at Orchard Street, commented: “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 and Land Securities by JLL.
