Landmark city centre leisure destination acquired in Manchester
DTZ Investors has acquired The Printworks in Manchester, a landmark city centre leisure destination comprising 368,770 sq ft over four floors.
The property is situated on both Withy Grove and Corporation Street, adjacent to the Arndale shopping centre and the Corn Exchange and within close proximity to Harvey Nichols and Selfridges. The scheme is anchored by the 20-screen Odeon cinema, which houses the only IMAX screen in Manchester. There are also 17 food and drink venues, including brands such as Tiger Tiger, Hard Rock Café, Yates, Wetherspoons, Wagamama and Nandos, together with a health club.
The venue has an 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% of the income secured to national multiple covenants.
Tony Brothwell, fund manager at DTZ Investors said: “We have been looking to gain exposure to the vibrant central Manchester retail and leisure market and The Printworks represents a rare opportunity to acquire a major freehold investment located in the core of the city on an attractive yield basis.”