Legal & General (L&G) has sold Mansfield Leisure Park to an unnamed private property company for £10.37m in a deal reflecting a net initial yield of 9.74%.
The 75,052 sq ft park is anchored by an eight-screen Odeon cinema with an IMAX screen and a recently regeared bingo hall let to Club 3000.
There is also a three-unit restaurant parade let to Nando’s, Bella Italia and Serenity, together with a standalone McDonald’s drive-thru, which was also recently regeared.
The leisure park, which is located off Nottingham Road to the south west of Mansfield town centre, was acquired by a private property company controlled by two Irish investors.
Ed George, partner at Montagu Evans, which advised L&G on the deal, said: “Mansfield Leisure Park is a well located asset with limited direct competition and strong occupational fundamentals. This has been reinforced by the willingness of multiple tenants to regear their leases prior to the sale and commit to the park for the long term. These initiatives no doubt increased liquidity and broadened the appeal of the asset. The deal reflects a strong result for our client, which has capitalised on the growing momentum that we have seen in the leisure investment market over the past year.”
Nick Ferris, partner at Barker Proudlove, which advised the purchaser, added: “We are pleased to have completed the acquisition of Mansfield Leisure Park, a well established leisure destination with strong occupiers and long term income durability. The asset aligns well with our client’s investment strategy for well let leisure assets with resilient income characteristics and we look forward to supporting the site’s continued success.”
