Otium acquires the Theatre District, Milton KeynesDigital Editor
Otium Real Estate announces today they have completed the purchase of the Theatre District scheme in Milton Keynes, UK, from UGS MK Limited for a price of £16.75m GBP (sixteen million seven hundred and fifty thousand pounds). The 109,000 sq ft Theatre District is the first in-town leisure purchase by Otium, joining out of town leisure assets within their portfolio such as Newport Leisure Park in Newport and Westgate Leisure Park in Wakefield.
The existing Theatre District leisure scheme comprises of 16 units, which includes tenants such as TGI Fridays, Zizzis, Bella Italia, Revolution de Cuba and the Slug and Lettuce. The asset is located in a key 3.3 acre site in the heart of Milton Keynes, between the Centre:MK shopping centre and Xscape snow slope. The scheme also adjoins the successful 1,400 seat Milton Keynes Theatre, which features many West End Shows.
This central area in Milton Keynes is seeing major development with a new art- gallery, art-house cinema and 1,400-space multi-storey car park to be constructed on sites around the property in 2017/2018. UGS have just started constructing a new 130 bed Premier Inn adjacent to the Theatre District scheme that opens in the summer of 2017.
Ashley Blake, CEO of Otium Real Estate said: “The acquisition of this significant leisure asset is a major step forward for Otium Real Estate. The scheme has a varied tenant mix, appealing to all age groups within Milton Keynes. We are looking forward to refurbishing the Theatre District, and welcoming new tenants to the centre of Milton Keynes.”
Otium will now commence a comprehensive refurbishment programme to enhance the 1990s scheme, and are in detailed discussions with new tenants to take space in the scheme.
Patrick Punch & co. acted for Otium, UGS MK Limited were unrepresented.