LaSalle Investment Management has bought the long leasehold of The Parkway town centre leisure scheme in Bury St Edmunds, West Suffolk.
The fund manager has acquired the 41,100 sq ft leisure scheme for circa £10m from a private Irish investor.
The Parkway, which was developed by Citigrove in 2005, incorporates five restaurants and is anchored by an eight-screen Cineworld multiplex cinema.
It is let to occupiers Frankie & Benny’s, Ask Pizza, Giraffe, Subway and KFC.
Ruth McFetridge of LaSalle Investment Management said: “The Parkway is an iconic destination in the local area and is one of the primary retail and leisure attractions of the town. Since its opening in 2005, the Parkway has had an extremely strong tenancy record and the trade levels have remained robust. These factors combined to make the scheme a highly attractive investment proposition.”
Henry Godsal of Fineman Ross, which acted for the private Irish investor, said: “This is another example of a prime leisure investment achieving a strong price in today’s market. We received good interest from principally institutional investors who were attracted to this investment because it represents a good-quality, modern building that trades well and is let on long leases to financially sound tenants.”
Knight Frank acted for LIM.
annabel.dixon@estatesgazette.com
