Citation
(2001), "West Midlands leisure market", Property Management, Vol. 19 No. 4. https://doi.org/10.1108/pm.2001.11319dab.018
Publisher
:Emerald Group Publishing Limited
Copyright © 2001, MCB UP Limited
West Midlands leisure market
West Midlands leisure market
New leisure schemes opening in the West Midlands during the past 12 months are already trading well, according to property consultants Phoenix Beard.
Research in Phoenix Beard's latest report on the region, which is published every six months, shows agents and operators are continuing to have high confidence in the area with the market expected to remain strong throughout the coming year.
While Richardson's StarCity scheme opened in July 2000, 90 per cent let, both the Cinema (Warner Village) and the Bowl (Allied Leisure) have reported record trading. Scottish & Newcastle's four branded outlets also attract excellent trade, in particular at weekends. Tenants continue to fit out with recent openings including Holmes Place (55,000 sq. ft health club) and Bar Med. Most of the remaining space is already let.
Broad Street's strong leisure presence was significantly strengthened by Richardson's Five Ways scheme, which opened in Spetember, while the Mailbox, the new 1.1 million sq. ft mixed use development – including cinema, hotels and restaurants – will provide a high quality addition to the market. Leisure at the Millennium Point development is due to open autumn 2001.
Elsewhere in the West Midlands, Solihull is seeing the development of a significant leisure element to its prestigious town centre in the shape of the Touchwood Court scheme, as well as the redevelopment of the ice-rink to provide more facilities.
Coventry is set to benefit from further prominent leisure schemes which are about to commence, including the development of the new Coventry City Football Club ground at Foleshill, north of the city.
Phoenix Beard's chief executive, Chris Edwards, said: "Demand for both hotel sites and health club sites at locations throughout the region continues to remain positive. We anticipate the market remaining strong throughout 2001."