Capital & Regional has bought the 3.64ha (9 acre) Bentley Bridge leisure scheme near Wolverhampton for £15m from a private investor. Work on the scheme is due to start this year.
Bentley Bridge, on the edge of Wednesfield in the West Midlands, will consist of eight separate units totalling 10,219 sq m (110,000 sq ft). Cine-UK has taken a pre-let on a multiplex cinema, Mecca is to operate a 3,251 sq m (35,000 sq ft) bingo hall, while Fatty Arbuckles, Kentucky Fried Chicken and pub operator Tom Cobleigh have also signed up for the development. Three units remain available.
Bentley Bridge will adjoin a 11,148 sqm (120,000 sq ft) retail development which is to be built by Black Country Properties and Lanham.
The news comes on the back of Capital & Regional’s interim results, which revealed pre-tax profits of £2.52m in the six months to 24 June – 23% up on last time.
The first half of the year has seen C&R on the acquisitions trail, spending £38.5m predominantly in the retail sector.
In north London, the company has purchased the 40,504 sq m (436,000 sq ft) Wood Green Shopping City, N22, from Haringey Council for £33m. In Staffordshire, C&R has bought the 9,940 sq m (107,000 sq ft) Wyrley Brook Retail Park in Cannock from a private investor for £5.5m . C&R has also paid Philips Pension Fund £ 5.5m for the13,006 sq m (140,000 sq ft) Orpington Trading Estate in south east London.
EGi News 09/10/96
