The home of legendary nightclub Gatecrasher has been sold in a £35 million property deal signalling Birmingham's continued appeal as an investment city.
Real estate investment firm Valad Europe has acquired Five Ways Leisure Park at the west end of Broad Street from UK & European Investments, on behalf of Blue Coast Commercial Investments LP.
The complex comprises two buildings totalling 199,702 sq ft whose tenants include a 12-screen Cineworld, Grosvenor Casinos, Pure Gym and Nando's alongside Gatecrasher.
The sale price of £34.68 million reflects an 8.1 per cent net initial yield.
Barnaby Kelham, chief executive of UK & European Investments, said: "Our decision to trade Five Ways at this time follows the successful completion of our original business plan for the asset.
"A sale now allows us to take advantage of current market sentiment and strong institutional demand in the leisure sector.
"We are currently focusing our attention to new opportunities where we can add value through careful stock selection alongside our proactive approach to asset management."
David Kirkby, Valad Europe's chief investment officer, added: "Five Ways Leisure Park provides even greater diversification to the Valad European Diversified Fund's portfolio of assets.
"Underpinned by a strong set of leisure and entertainment businesses and located in the heart of Birmingham city centre, Five Ways is typical of the type of good value, high quality and leasable assets with strong covenants, that we are actively investing in."
GVA acted for Valad Europe and Cortex Partners for UK & European.
This week on the free Birmingham Post app: First World War centenary special, interview with Hollywood star Vin Diesel and how Tolkien novel nearly went unpublished as well as daily breaking news. Download it here.