Former bingo hall sold in £5m deal

Ediston Property Investment Company has sold its leisure asset at Southwater Square, Telford, which is let to Rank Group Gaming Division, on a lease which expires on 28 September 2022.

The former Mecca bingo hall closed its doors in February

The sale price of £5m is 67% above the most recent valuation of the property (31 March 2022). The property was acquired by an owner-occupier. The bingo h

The sale is in line with the company’s revised investment strategy, announced in Q3 2021, to sell its office and leisure assets and to reinvest the proceeds in retail warehouses.

Southwater Square was the last non-retail warehouse property in the portfolio.