Custodian REIT has acquired Phoenix Leisure Park in Crewe for £6.6m from Haigh and Haigh Property Developments.
The 55,713 sq ft asset comprises four freehold units occupied by Pizza Hut, Mecca Bingo, Odeon Cinemas and MFA Bowl.
The units’ leases expire between June 2030 and March 2040 with a total passing rent of £523,625 per annum, reflecting a net initial yield of 7.5%.
Richard Shepherd-Cross, managing director of the company’s investment manager, Custodian Capital, said: “This recently refurbished restaurant and leisure park adds further long-term income to the company’s portfolio at a price which demonstrates the value of small lot size regional property.
