Fladgate LLP has advised Otium Real Estate on its first in-town leisure purchase in Milton Keynes, acquiring the Theatre District scheme from UGS MK Limited for £16.75m.
The 109,000 sq ft scheme currently comprises 16 units, with a tenant roster that includes TGI Fridays, Bella Italia, Zizzis, 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 and adjoins the successful 1,400 seat Milton Keynes Theatre, one of the region’s leading live entertainment venues. This 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 is constructing a new 130 bed Premier Inn adjacent to the Theatre District scheme that is due to open 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 undertake a comprehensive refurbishment programme to enhance the 1990s scheme, and are in detailed discussions with new tenants to take space.
Fladgate leisure partners Mark Saunders and Stephen Lewis led the team, assisted by senior associate Amanda Hado-Bodfield and associate Katherine Tweed. Banking partner Gary Smith led on the financing aspects, assisted by associate David Baverstock.