Legal & General is to forward fund Citygrove’s controversial £24m Barbican Leisure Park at Coxside in Plymouth.
The estimated £24m end value represents a buy-out yield of 7.25% for the 13,470 sq m (145,000 sq ft) leisure scheme. The development is pre-let to Warners (for a 15 screen multiplex), Scottish & Newcastle and First Leisure.
Controversy surrounds the scheme following a much publicised battle with Millbay, a rival leisure park on the other side of the city, to be the first multiplex operation in the region.
The Barbican leisure park is expected to be up and running by the end of the year.
Hillier Parker acted for Legal & General and Harvey Spack Field advised Citygrove.
EGi News 29/01/98
