NEW owners of Milton Keynes’ Theatre District are proposing a wholesale revamp of the destination zone.
The freehold of the Theatre District in the new city’s centre was sold recently by Deutsche Bank to private clients of property agent Patrick Punch and Co.
Now a spokesman for Patrick Punch says the new owners plan an extensive investment programme to include a central feature piazza, new lighting and additional covered outside seating areas.
The prime leisure investment was marketed by Savills with offers invited in the region of £20million. The opportunity attracted interest from several pension funds and institutional investors represented by firms of London property agents.
The Theatre District is well let to predominantly national restaurant and bar operators, including the likes of Gondola/Zizzi, Carlsson Worldwide/TGI, Pizza Hut etc.
The potential to extend the Theatre District on the adjoining development land is also being explored as part of the investment programme.
Henry Henson of Patrick Punch and Co said: “Our clients saw substantial potential in the Theatre District due to the inherent strength of the location.”