NORTHAMPTON real estate consultants Punch Retail & Leisure has advised a new £20m hotel-led mixed-use development following the new letting of a seven-storey hotel in
Milton Keynes city centre.
NORTHAMPTON real estate consultants Punch Retail & Leisure has advised a new £20m hotel-led mixed-use development following the new letting of a seven-storey hotel in
Milton Keynes city centre.
The 130-bed hotel is located in a prime position between John Lewis and the X Scape leisure scheme. The site is the final phase of Milton Keynes’ Theatre District to be built out with construction commencing mid 2016. The scheme will include the seven-storey, 130-room Premier Inn hotel alongside 2,500 sq ft (234 sq m) of retail and 10,500 sq ft (994 sq m) of leisure which is likely to include restaurants and bars.
Director Patrick Punch, who advised on the development, said: “The new Premier Inn
and supporting restaurant and retail units will further underpin Central Milton Keynes’ role as a leisure and entertainment destination. We are delighted to have been successful in securing Premier Inn and it is very exciting to see the investment purchase we advised on coming to fruition after a great deal of hard work.
“We also secured the letting of a 10,000 sq ft unit to Revolucion de Cuba on a new 25- year FRI lease without break and believe that this is already trading exceptionally well. This new letting and the Premier Inn demonstrate the sustained appeal of the Theatre District as a destination for high-quality leisure and eating out in the city centre.”
In rejuvenating and expanding the Theatre District these plans also improve the wider public realm and enhance links to existing shopping facilities to the north and west of the site, which was the fundamental driver behind the purchase of the overall investment.
John Bates, Head of Acquisitions (South) for Premier Inn, said: “This is another great location for us and another smart property deal achieved through excellent partnership.
“We’re looking forward to construction getting going, to creating more Premier Inn jobs in Milton Keynes and to opening our doors to customers as soon as possible. We’re delighted to be playing our part in investing in the city and unlocking the Theatre District regeneration plans.”