Otium Real Estate has completed the purchase of the Theatre District from UGS MK Ltd for £16.75 million.
The 109,000 sq ft Theatre District is Otium’s first in-town leisure purchase, joining out of town leisure assets in its portfolio such as Newport Leisure Park in Newport and Westgate Leisure Park in Wakefield.
Otium chief executive Ashley Blake said: “The acquisition of this significant leisure asset is a major step forward for Otium Real Estate.”
The existing Theatre District leisure scheme, built in the 1990s, comprises 16 units next to Milton Keynes Theatre, with thecentre:mk and Xscape close by.
Major development is already under way with the expansion of MK Gallery due to be completed next year and the construction of a 1,400-space multi-storey car park. A 130-bed Premier Inn hotel is also due to open next year.
Otium is in detailed talks with prospective new tenants. Mr Blake said: “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.”