Nottingham leisure complex sold for £65m

Nottingham leisure complex, The Cornerhouse, has been sold by owner Land Securities for £65m.

Orchard Street Investment Management, the commercial property investment manager, has bought the 201,000 sq ft complex. The asset was acquired on behalf of St James’s Place UK.

The 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.

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.