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PROPERTY


‘Jenga’ style skyscraper to be built in London Kohn


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Associates (KPF) has won planning permission for a 50-storey mixed-use sky- scraper in central London. Nicknamed the ‘Jenga’


tower, the 170m (558ſt) struc- ture will have higher storeys that are stacked on top of each other in a cantilevered fashion; giving the illusion of a game of Jenga. KPF’s tower will contain 450 flats, office space, retail space, a gym, cinema, plus winter garden and will span approximately 60,400sq m (650,140sq ſt). Prior to this, a scheme by Make Architects to


KPF’s skyscraper will be its second project in the surrounding area


occupy the same site was rejected by planners in 2011, following fears that the development would have been too overbearing. There are some concerns that KPF’s tower might have a ‘negative visual impact on designated


views and the outstanding universal value of the Westminster World Heritage Site’ from Westminster Council and English Heritage. Neighbouring residents are also worried about the lack of light that their existing proper- ties will receive once the tower is complete. Details: http://lei.sr?a=z4y5f


Birmingham leisure park sold for £35m


Te Birmingham leisure park, home to facilities includ- ing a Pure Gym, a 12-screen Cineworld cinema and one of the city’s most popular night- clubs, has been sold in a deal worth approximately £35m. Te Five Ways Leisure Park


site, which houses two main buildings comprising space of 199,702sq ſt (18,552sq m), has been sold by London-based UK & European Investments for Blue Coast Commercial Investments. The com- pany has decided to sell the property having achieved its initial business aims, with the owners eager to cash in on the strong institu- tional demand currently in the leisure sector. Te buyer is the Valad European Diversified


Fund, which says the strong cohort of leas- able offerings made the deal highly attractive. “Five Ways Leisure Park provides even greater diversification to the Valad European


Birmingham has seen an increase in development interest in recent times


Diversified Fund’s portfolio of assets,” said David Kirkby, Valad chief investment officer. “Underpinned by a strong set of lei-


sure 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 that we are actively investing in.” Details: http://lei.sr?a=R3Z4C


AXA Real Estate snaps up half stake in Cabot Circus


Property investment manager AXA Real Estate has paid £267.8m to acquire a 50 per cent stake in the mixed-use development centred around Bristol’s Cabot Circus shopping centre. AXA has bought the share – on behalf of its investment clients – from Land Securities,


Read Leisure Opportunities online: www.leisureopportunities.co.uk/digital


which owns the asset with Hammerson through a 50:50 joint venture. Te acquisition is subject to EU merger control notification. Hammerson is retaining its 50 per cent stake in Cabot Circus and will take over management of the centre. Details: http://lei.sr?a=F8r3f


Twitter: @leisureopps © CYBERTREK 2014


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