Land Securities has announced that it has completed the sale of The Printworks, Manchester, to DTZ Investors for £108m. Redeveloped and reopened in 2000, The Printworks is a Manchester city centre leisure destination, covering 368,770 square feet over four floors. The site is anchored by a 20 screen Odeon cinema, which houses the only IMAX screen in Manchester. In addition, there are 17 food and drink venues, including established brands such as Tiger Tiger, Hard Rock Café, Yates, Wetherspoons, Wagamama and Nandos, together with a health club.
Land Securities says that The Printworks dominates the established Manchester leisure circuit and benefits from annual footfall of over seven million people per year, linked to events at the nearby MEN Arena. The scheme generates a net annual income of £6.75m, with over 99% of the income secured to national multiple covenants.
About Land Securities
British Land is one of the largest European REITs. It has a diversified portfolio but has a particular focus on UK retail property and London offices. Land Securities is the largest commercial property development and investment company in the UK. The firm switched to become Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007.
Land Securities sells The Printworks, Manchester, for £108m : LAND