Major Birmingham leisure complex sold in £25m deal
AEW UK Core Property Fund (AEW) has bought the Fiveways Entertainment Centre on Broad Street, Birmingham, for £25.1m.
The property is let to 11 leisure tenants – Cineworld, PureGym, a casino, nightclub and seven restaurants, including Nando’s and Five Guys – and two leases to Euro Car Parks.
Edward Long, Director at AEW, said: “We are pleased to have acquired this prime leisure asset located at the heart of Birmingham’s bustling night-time economy. The city has seen a renaissance over the past 10 years, with significant developments such as Grand Central, Birmingham Library, Brindley Place, and numerous office and residential schemes.
“We believe the fundamentals remain very attractive, with Birmingham’s growing young professional and student population driving demand for entertainment and residential accommodation.
“COVID-19 restrictions have had a huge impact on the leisure sector, however, leisure is fundamental to people’s well-being across all demographics. Leisure activities are no longer just for special occasions, most UK consumers regard leisure as an integral part of daily life. As such, we look forward to COVID-19 restrictions lifting and a return to normality and anticipate a strong bounce back in the leisure sector.”