Otium Real Estate has made another acquisition for its Otium Leisure Ventures II Fund this week with the purchase of the Robin Leisure Park in Wigan from a fund managed by CBRE Global Investors. The purchase was made at a price of £12.48m reflecting a yield of 8.3% off a net rental income of £1.107m per annum. It is the UK’s first leisure park investment deal of 2020*.
The 96,163 sq ft [8,934 sq.m] property comprises Wigan’s only multiplex cinema and a range of tenants including Empire cinema, JD Gym, Buzz bingo, Pizza Hut and Frankie and Benny’s. It sits on an 18.4-acre freehold site with nearly a 1,000 surface car park spaces and is next to the highly successful Robin Retail Park which features tenants such as M&S, Next and Boots.
The property is also adjacent to the 25,000 capacity DW Stadium home to rugby league’s Wigan Warriors and Wigan Athletic football team – with both teams regularly attracting large numbers of supporters.
Ashley Blake of Otium said, “We are delighted to add this leisure park to the Fund’s portfolio. Its tenant line-up and location are established, showing us that the scheme still has significant potential for growth – we will be working closely with the tenants to enhance the park further. From this strong start to the year we are keen to acquire further leisure assets during 2020.”
The Otium Leisure Ventures II Fund has £200m of investment to target opportunities in the UK leisure market. Its first purchase was the Coppins Bridge Leisure Park from Aviva Investors on the Isle of Wight. Wigan represents its second acquisition and Otium is actively seeking further opportunities in 2020.
