A prominent leisure and entertainment complex in Birmingham city centre has been sold for £25.1 million.
Fiveways Entertainment Centre, in Broad Street, has been bought by AEW UK Core Property Fund from administrators of the properties Grant Thornton.
The complex is home to 11 different tenants including a Cineworld cinema, Puregym, Grosvenor casino and Five Guys burger chain and two Euro Car Parks across two separate buildings.
One of the stops on the new extension of the West Midlands Metro line along Broad Street to Hagley Road will be outside the buildings.
AEW director Edward Long said: "We are pleased to have acquired this prime leisure asset located at the heart of Birmingham's bustling night-time economy.
"The city has seen a renaissance over the past ten years, with significant developments such as Grand Central, Birmingham Library, Brindleyplace and numerous office and residential schemes.
"We believe the fundamentals remain very attractive, with Birmingham's growing young professional and student population driving demand for entertainment and residential accommodation.
"Covid-19 restrictions have had a huge impact on the leisure sector, however, leisure is fundamental to people's well-being across all demographics.
"Leisure activities are no longer just for special occasions, most UK consumers regard leisure as an integral part of daily life.
"As such, we look forward to covid-19 restrictions lifting and a return to normality and anticipate a strong bounce back in the leisure sector."
Lunson & Mitchenall acted on behalf of AEW UK Core Property Fund in the acquisition.
