Birmingham’s Sea Life Centre in Brindley Place, the largest of its kind in Europe, has been bought by Birmingham-based property company Kounnis Group for £3.46m. The sale price reflects an initial yield of 8.44%.
The freehold of the centre was sold by its developer and operator Vardon Attractions, which has taken a 60 year lease at a rent of £300,000 pa with guaranteed rent rises. It is Vardon’s 17th Sea Life Centre in the UK.
The 4,180 sq m (45,000 sq ft) centre opened in June and is expected to attract around 500,000 visitors annually.
Chesterton advised the purchaser and Cardales acted for the vendor.
EGi News 12/08/96
