Otium Real Estate has purchased the Theatre District from UGS MK Limited.
The leisure hub was acquired by Otium for £16.75m.
The 109,000 sq ft space is the first in-town leisure purchase by the company, and joins out of town leisure assets within their portfolio including Newport Leisure Park in Newport and Westgate Leisure Park in Wakefield.
“The acquisition of this significant leisure asset is a major step forward for Otium Real Estate,” said Ashley Blake, CEO of Otium Real Estate.
“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 to the centre of Milton Keynes.”
Otium will now begin a comprehensive refurbishment programme to enhance the 1990s scheme, and are in detailed discussions with new tenants to take space in the scheme.
The existing Theatre District leisure scheme comprises of 16 units, which includes tenants such as TGI Fridays, Zizzis, Bella Italia, Revolution de Cuba and the Slug and Lettuce.
Construction of the 130 bed Premier Inn has also begun and is set to open for business in the summer of 2017.