Lord Oakeshott’s OLIM Property has bought the Hollywood Bowl in Taunton, Somerset, from Quinque Stella Holdings for £3.2m.
The 27,400 sq ft property was bought at a 7.3% net initial yield for ASDA Pension Schemes.
Hollywood Bowl is let to Mitchells and Butlers at a rent of £246,000 pa on a lease with 21 years unexpired. The rent has RPI-linked increases, capped at 4% pa, and collared at 2% pa compounded in 2014, 2019 and 2024 with an open market review in 2029.
Hollywood Bowl sits next to an Odeon-UCI cinema and McDonald’s.
Savoy Stewart acted for Quinque Stella Holdings; Smith Price and Kitchen La Frenais Morgan advised OLIM Property.
annabel.dixon@estatesgazette.com
