Orchard Street completes acquisition of the Cornerhouse from Land Securities
Specialist commercial property investment manager Orchard Street Investment Management has completed the acquisition of the Cornerhouse, Nottingham, from Land Securities for £65m.
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The only purpose-built leisure scheme in Nottingham, the 201,000 sq ft Cornerhouse is anchored by a 14-screen Cineworld and provides 11 restaurants, two bars, a nightclub and a casino.
Tenants include Nandos, Wagamama, TGI Fridays, Revolution, the Slug and Lettuce and Genting Casinos, among others, and the central location means the asset benefits from a steady flow of visitors from nearby universities, shopping facilities at Victoria Centre and Upper Parliament Street and local theatres.
Barney Rowe, partner at Orchard Street, said: "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 the leisure portfolio at Land Securities, said: "The sale of the Cornerhouse capitalises on the increased rental value we have created following our asset management strategy."