THE NEW OWNER of The Printworks will seek to broaden the appeal of the city centre leisure venue as it looks to fill the remaining empty units.
Land Securities, the country’s largest listed property business by market value, has acquired the 365,000 sq ft complex for £93.9m from Resolution Property, a London-based fund as it continues its expansion in the sector.
“In this case, it’s more about how we will manage it and attract new operators to keep the offer fresh and improve the appeal of The Printworks.”
The Printworks is currently 93 per cent let to a variety of operators. It houses a 20-screen Odeon Cinema and 19 restaurants, bars and nightclubs including Tiger Tiger, Wagamama, Hard Rock Café and Nandos. It also houses a Virgin Active health club.
The complex, developed in 2000, attracted more than nine million visitors in 2011.
A Land Securities spokesman said: “When we buy an asset we look to make it better, either through development or expansion.
“In this case, it’s more about how we will manage it and attract new operators to keep the offer fresh and improve the appeal of The Printworks.”
The acquisition is its third and largest in the leisure sector in the past 15 months, following swoops in Bath and Nottingham. Land Securities, which has assets worth £10.5bn, already has a presence in the north west with retail centres in Liverpool, Chester and Blackpool.
Richard Akers, a director at Land Securities, which has a market capitalisation of more than £6bn, 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 customers.”
According to Resolution Property, The Printworks currently yields a passing rent of £6.12m a year. It was not actively seeking to sell the complex but received an approach from Land Securities several weeks ago.
