Blackpool leisure park changes hands
BLACKPOOL’S Festival Lesiure Park has changed hands for more than £12.5m.
It has been acquired by Valad Europe, the independent diversified real estate investment manager, along with sites in Jersey and Wolverhampton for a total of £23.7m on behalf of the Valad European Diversified Fund (VEDF).
The largest asset involved, Festival Leisure Park, was acquired from Scottish Widows Investment Partnership for £12.5m, reflecting a net initial yield of 8.94%.
Comprising 8,875 sq metres (95,529 sq ft) of leisure space across five buildings, the purpose-built leisure park has a weighted average unexpired lease term of 9.5 years and is currently let to five occupiers including Odeon Cinema, Bannatyne’s Health Club, Frankie and Benny’s, McDonald’s and Spirit Pub.
Mitre Retail Park in Wolverhampton was acquired for £4.75 million, reflecting a net initial yield of 7.56%. Located 1.5 miles from Wolverhampton City Centre, the 4,329 sq m Retail Park comprises two retail warehouse buildings let to Go Outdoors, Carpetright Plc and Harveys.
The thirs property, Sir Walter Raleigh House, St Helier, Jersey, was acquired from Palmer Capital for £6.45m.
Simon Marriott, Valad Europe’s head of UK Real Estate, commented: “We have now purchased 16 assets in the UK for VEDF. All of these investments are in strong regional locations and provide considerable asset management and re-positioning opportunities.
“We are already looking at introducing new food and beverage outlets at Festival Leisure Park and are exploring reversionary rent potential and lease re-gearing opportunities at the other two assets.”
Strutt & Parker acted for Valad Europe on Festival Leisure Park and Clay Street Property Consultants advised Valad Europe on Mitre Retail Park.
