Norwich-based Targetfollow has bought Coventry’s Skydome Leisureworld from a private consortium for £21.4m.
The price reflects a net initial yield of around 6.6%.
The 124,253 sq ft (11,544 sq m) development was built in 2000 and is anchored by a nine-screen Odeon multiplex cinema on a 35-year lease.
Other tenants include Old Orleans, Chicago Rock Café, Jumpin Jaks and Ikon on 25-year terms.
The current rent roll is £1.47m pa.
The scheme also incorporates an 800-space multi-storey car park, which Targetfollow intends to operate through its subsidiary Regional Car Parks.
The vendor was advised by BCM and Aprirose.
Andrew Riley of BCM said: “This sale highlights the growing attractiveness of leisure as an investment medium and destination complexes are the most sought after investment in this sector.”
FPDSavills and Cardales represented Targetfollow.
References: EGi News 14/04/04
