Venue for sale
Edinburgh’s Omni Centre on market for £65 million
The Omni Centre, home to a hotel, cinema, bars and restaurants in Edinburgh city centre, has been put up for sale for £65 million by owner Nuveen.
The 219,727 sq ft complex at the top of Leith Walk includes a 12-screen Vue cinema and the 77-bedroom Glasshouse boutique hotel.
It is also home to a Nuffield Health centre and has a 990-bay Q-Park car park in the basement and a one-acre garden roof terrace above the hotel.
The Omni Centre currently generates an annual net income of £5.56 million, with the asking price representing an 8% net initial yield.
It has an outstanding weighted average unexpired lease term certain of 20.8 years.
The selling agents for the Omni Centre are JLL and Culverwell.
CoStar data indicates that the Omni Centre was last sold for £74.8m in January 2017 and sold for £107.35m in May 2006.
Nuveen has led on the Scottish capital’s largest recent retail and leisure quarter, the St James Quarter Development.