A PRIVATE investor has agreed a deal to buy one of Milton Keynes’ favourite night spots.
The Theatre District was put up for sale and attracted considerable interest from the institutional investment market comprising mainly London-based consultants and surveyors.
But it was a private investor client of Milton Keynes-based Patrick Punch and Co that secured the acquisition of the Theatre District ahead of some strong competition.
Director Patrick Punch said: “Our clients recently successfully complete the purchase of the Theatre District and see a lot of potential due to the location being fundamentally strong.
“Strategically in terms of its leisure and retail location it sits right between thecentre:mk and Xscape with Waitrose and the Theatre itself on the other two flanks.
“The intention is to invest further in the existing scheme with a range of improvements all currently being considered as part of a comprehensive proposal.”
New ownership of the Theatre District was announced on the same day discussions were set to open at Milton Keynes Council regarding the future of Homes and Communities Agency (HCA) Asset Transfer.
The council is now pursuing avenues to purchase land from the HCA to bring it under council ownership.
Chairman of the HCA Asset Transfer Review Group, Councillor Brian White, said: “This is a once-in-a-lifetime opportunity for Milton Keynes. For the first time we would have full control over our own destiny and this will mean we can offer businesses and developers one point of contact that will speed up the opportunities for growth across the borough.
“However, a strategic approach will be required and great care needs to be taken not to squander the assets for short term gain against pressures on the cost reduction front, or for political expediency.”