News Desk

Leisure Investment Acquisition - Sunniside, Sunderland

Acting for Columbus UK Real Estate Fund and Yorvale Properties Ltd, Pudney Shuttleworth has acquired the 91,000 sq ft multi-let leisure investment and adjoining 650 multi-storey car park in Sunderland City Centre. The scheme, constructed in 2005, is let to Empire Cinemas, Gala Casino, Frankie & Benny's and Nando's. There are further asset management angles including two additional bar/restaurant units available to let.
The price paid of £9,300,000 reflects a net initial yield of 9.1% and a capital value of approx £100psf. The leases have an average weighted unexpired term of 18 years and 60% of the income is subject to minimum uplifts of 2.5% per annum, this giving a 10% plus running yield within a short timeframe.

Contact: Richard Fisk

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