Turnstone Estates has sold its mixed-use scheme, Cambridge Leisure, to the X-Leisure Fund managed by Capital & Regional, for 39 million, reflecting a net initial yield of 6.
Turnstone sells Cambridge Leisure scheme for 39m
The private investment and development company has sold the long leasehold interest of the 133,278 sq ft (12,382 sqm) development, along with the adjacent NCP car park. 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 scheme comprises 128,847 sq ft (11,970 sqm) of leisure and restaurant space, 4,431 sq ft (412 sqm) of retail units and a 120-bed Travelodge hotel. Anchored by a nine screen Cine UK cinema, a Tenpin bowling centre and an LA Fitness health club, other tenants include Frankie & Benny's, Pizza Hut and Subway.
Chris Goldsmith, managing director of Turnstone Estates, comments: 'We have built a strong tenant line-up with impressive covenants, which led to a lot of investor interest in the scheme. There are only three small vacant units left, and Turnstone will stay on board until these are let.'
CB Richard Ellis and Januarys Commercial advised Turnstone. Capital & Regional was advisd by Montagu Evans.
Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.