Skydome Coventry complex sold for £13.5m

THE Coventry Skydome leisure complex has been sold in a £13.5m deal.

Mansford, a London-based real estate investment company, has bought the site from administrators Deloitte, representing a net yield of 5.6%.

The London office of the accountancy firm was appointed administrator to two Targetfollow subsidiaries in October, one of which, Targetfollow Property Investment and Development, owned the city centre Skydome venue.

Targetfollow originally bought the venue in April 2004 from a private consortium for £21.4m.

It was built in 2000 and is home to an Odeon cinema, a multi-storey car park, JJ’s nightclub and Old Orleans restaurant among others.

Norwich-based Targetfollow was behind the £30m redevelopment of the Baskerville House office complex, in central Birmingham, and had planned a mixed-use ‘Baskerville Wharf’ complex nearby before Lloyds Banking Group withdrew funding of around £680m last autumn.

Deloitte, which was represented by Savills, confirmed the sale but declined to make any further comment. Mansford declined to comment.