Fawcett Mead has recently acted on behalf of Plymouth City Council on the purchase of this freehold city centre leisure investment. The property comprises a Travelodge Hotel, a gym and four restaurants/bars. The purchase price of £17.25 million reflected a NIY of 5.20%.
The property has a WAULT of 17.45 years and 70% of the income is subject to indexed or fixed rental increases. Richard Bashford commented: “We were very pleased to secure this investment property on behalf of Plymouth City Council on an off market basis”.
Cheshire Oaks : Cheshire Oaks Leisure Park
Prime out-of-town leisure opportunity
Passing Rent: £371,931 per annum
Net Initial Yield: 5.25%
Fawcett Mead are delighted to have acted on the sale of Cheshire Oaks Leisure Park on behalf of Lateral Property. The well-let leisure park is located in a prominent gateway site adjacent to the entrance of Cheshire Oaks Designer Outlet. The property provides a WAULT of 17 years and tenants include KFC, TGI Fridays and Costa Coffee. A purchase price of £6,630,000 reflects a net initial yield of 5.25%, assuming purchasers costs of 6.64%.[read more]