Landmark leisure development Manchester Printworks has been acquired by Land Securities for £93.9m.

Developed in 2000 in central Manchester, the 350,000sq ft leisure scheme pulled in nine million visitors last year.

It is 93 per cent let, with tenants including the only IMAX cinema in Manchester, a Virgin Active health club and a number of bars, restaurants and nightclubs; including wagamama, Wasabi Sushi, Prezzo and Tiger Tiger.

Land Securities’ executive director, Richard Akers, said: “Leisure is not subject to the same structural changes currently occuring in retail and its importance in how and where people choose to shop is growing. The Printworks is the dominant leisure scheme in one of the top cities in the UK and its acquisition builds on the significant relationships we have across our portfolio with leisure operators.”

Land Securities has the largest commercial property portfolio in the UK, managing 29million sq ft ranging from shopping centres to London offices. This deal builds on its leisure investment: last year it acquired a 12 per cent stake in Capital & Regional's X-Leisure fund, which owns indoor ski slopes in Milton Keynes, Leeds, Castleford and Glasgow.

The Printworks has been acquired from Resolution Property, which bought it in 2008 for £100m. The site was originally Withy Grove Printing House and was a newspaper printer until 1985, after which it stood derelict until 2000.