The Omni Centre features a strong and well-diversified income base, alongside a high occupancy rate. The asset is situated in a prime location in Edinburgh's East End, an area of the city which is expected to benefit from the redevelopment of Edinburgh St James, one of the largest retail-led regenerations projects in the U.K. We are working on several asset management initiatives to drive value for our investors, including securing an additional anchor tenant for the scheme.
We acquired the Omni Centre, a mixed-use asset in the heart of Edinburgh, in January 2017. The asset consists of 219,227 sq ft (20,367 sq m) space over 10 floors, anchored by a 12-screen multiplex VUE cinema. The scheme also incorporates a number of bars and restaurants, a health and fitness club, a luxury 77-room five-star hotel, and a 990-space underground car park. Conveniently located to the eastern side of Edinburgh’s city centre, a short walk from Edinburgh Waverley Rail Station, St Andrew Square Bus Station and the York Place Tram Halt, the property further benefits from its location adjacent to the Playhouse Theatre, and the John Lewis Partnership, which forms part of the Edinburgh St James Centre, also managed by Nuveen Real Estate, and currently undergoing an extensive development, which is anticipated to create an investment valued in excess of £1 billion.