The Birmingham leisure park, home to facilities including a Pure Gym, a 12-screen Cineworld cinema and one of the city’s most popular nightclubs, has been sold in a deal worth £35m.

The Five Ways Leisure Park site, which houses two main buildings comprising space of 199,702sq ft (18,552sq m), has been sold by London-based UK & European Investments for Blue Coast Commercial Investments.

The company has decided to sell the property having achieved its initial business aims, with the owners eager to cash in on strong institutional demand in the leisure sector.

The buyer of the plot is the Valad European Diversified Fund, which cites a strong cohort of leasable offerings as being an attractive prospect in the deal.

"Five Ways Leisure Park provides even greater diversification to the Valad European Diversified Fund's portfolio of assets,” said David Kirkby, chief investment officer at Valad Europe.

"Underpinned by a strong set of leisure 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 with strong covenants, that we are actively investing in."

The city of Birmingham is increasingly becoming a hot bed for investment and proposed development, with the council partnering with developers to push forward with a £500m redevelopment plan by planning for the creation of a 17-acre Paradise Circus mixed-use scheme.