Orchard Street completes acquisition of the Cornerhouse from Land Securities

23rd Jan 2017 08:06

(ShareCast News) - Specialist commercial property investment manager Orchard Street Investment Management has completed the acquisition of the Cornerhouse, Nottingham, from Land Securities for £65m.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."