Derby leisure complex sold in £8.4m deal

A major leisure complex in Derby has been sold in an £8.4m deal.

Clearbell Property Partners II, a fund managed by Clearbell Capital, has sold the Pride Leisure asset in the city – the final property in its mixed-use Amber portfolio to Manchester-based property company Elstar.

The off-market sale of Pride Leisure – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s – marks the conclusion of the £174m portfolio break-up across 23 separate transactions.

Having originally been acquired from abrdn in August 2015, the Amber portfolio totalled 2m sq ft across 29 assets throughout England and Scotland, allocated across the logistics, retail and office sectors. Clearbell has spent around £10million on repositioning assets before selling on completion of asset management objectives.

Rob West, managing partner, Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions.

“We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”

Clearbell was advised by KLM.