Delancey has bought the Switch Island Leisure Park in Sefton, Liverpool, for £15.76m from a 50% joint venture between Savills subsidiary Grosvenor Hill Ventures (GHV) and Barlows.
The rental income from the scheme is £1.1m. Savills owns GHV outright and invested £1.5m in the joint venture with Barlows. GHV’s gross profit on the sale will be in excess of £2m which will be reinvested in further co-investment ventures, according to a statement from Savills.
The joint venture bought Switch Island in 1996 and converted it from a retail park into a leisure scheme. Odeon operates a 12-screen multiplex at the scheme.
According to Savills’ managing director Aubrey Adams: ” This is in accordance with our strategy for GHV of using our property expertise to enhance shareholder value through co-investment. Once again we have exceeded our target IRR of 20% per annum.”
EGi News 01/03/99
