The City Centre Leisure destination has been sold to DTZ Investors by its current owners Land Securities
The builder redeveloped and reopened The Printworks in 2000. The former once owned by Robert Maxwell, covers 368,770 square foot of space over four floors.
The venue dominates the established Manchester leisure circuit and benefits from annual footfall of over seven million people per year.
The property generates a net annual income of £6.8 million, with over 99% of the income secured to national multiple covenants, Land Securities said in a statement
“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,” said Polly Troughton, head of the leisure portfolio.
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.”
