DTZ investors inks Printworks deal
Published: 28 February, 2017
Land Securities sells The Printworks, Manchester for £108 m
Land Securities has completed the sale of the Printworks, Manchester to DTZ Investors for £108 m. Redeveloped and reopened in 2000, the Printworks is the premier Manchester city centre leisure destination, covering 368,770 sq ft over four floors. The landmark site is anchored by the 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.
The venue dominates the established Manchester leisure circuit and benefits from annual footfall of over seven million people, linked to events at the nearby MEN Arena. The scheme generates a net annual income of £6.75m, with over 99 per cent of the income secured to national multiple covenants.
Polly Troughton, Land Securities’ head of portfolio, leisure, said: “We have created value at the Printworks through asset management, resulting in the lowest level of vacancy rates for a number of years. This sale crystallises the increased value the team has delivered.”
JLL acted on behalf of Land Securities, and Cortex Partners acted on behalf of DTZ Investors.