PRUPIM has sold its Cardinal Leisure Park in Ipswich to Legal & General Property’s Linked Pensions Fund for around £19.4m and a net initial yield of 8.4%.
The 111,300 sq ft leisure scheme is 97% let and has an average unexpired lease term of 13 years. Around 3,300 sq ft of the scheme is vacant, half of which is currently under offer.
Cardinal Leisure Park is anchored by an 11-screen Cineworld multiplex. Other tenants include Prezzo, ASK, Nando’s, Frankie & Benny’s, McDonalds and Punch & Judy.
Michael Barrie, director of balanced funds at LGP, said: “Cardinal Leisure Park represents a prime leisure park asset offering good opportunities to grow income. As the dominant leisure offer in the area, it benefits from a large and affluent catchment, high annual footfall and a strong tenant mix.”
“We will now be looking to showcase our specialist leisure asset management skills by refreshing the existing offer with some visible improvements to the configuration of the space, thereby attracting further high quality operators to the scheme in the future.”
annabel.dixon@estatesgazette.com
