Turnstone Estates has put up for sale its 133,272 sq ft Cambridge Leisure scheme, which opened in May last year.
Turnstone puts Cambridge Leisure on the market
Offers in excess of 33.8 million are sought, which will reflect a yield of 6.62%. The gross initial income of the scheme is approximately 2.4 million, with 84% of the current income secured for 25 years or more.
The development, located 2km south east of Cambridge City centre, comprises 128,847 sq ft of leisure and restaurant space, 4,431 sq ft of retail units and a 120-bed hotel.
It is anchored by a nine-screen Cine UK cinema, a Tenpin bowling centre and an LA Fitness health club. Other tenants include Pizza Hut, Frankie & Benny's, Subway and Outback. A Travelodge hotel frames the 0.75 hectare central piazza.
Chris Goldsmith, Managing Director of Turnstone, says: 'Leisure is now regarded as a strong and mature asset class. The development offers good covenants with an impressive line up of leisure, entertainment and retail units and we expect to attract a lot of investor interest'.
Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.