News - North West

Manchester's Printworks sold for £93.9m

Land Securities has bought Manchester city centre leisure venue The Printworks for £93.9m.

A former newspaper printing site, the Printworks was developed in 2000 and houses an Odeon cinema, Hard Rock Cafe and Virgin gym among other leisure brands across 350,000 sq ft.

It attracted more than nine million visitors in 2011 and is currently 93 per cent let with a weighted average unexpired term of 12.9 years. The previous owner was Resolution Property.

Land Securities executive director Richard Akers said: "Leisure is not subject to the same structural changes currently occurring in retail and its importance in how and where people choose to shop is growing.

"The Printworks is the dominant leisure scheme in one of the top cities in the UK and its acquisition builds upon the significant relationships we have across our portfolio with leisure operators."

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