Legal & General (‘L&G’) has sold Mansfield Leisure Park for £10.37M, reflecting a net initial yield of 9.74 per cent. The property was acquired by a private property company controlled by two Irish investors.
Extending to 75,052sq ft, the park is anchored by an eight-screen Odeon cinema with IMAX screen and a recently re-geared bingo hall let to Club 3000. In addition, there is a three-unit restaurant parade let to Nando’s, Bella Italia and Serenity, together with a standalone McDonald’s drive thru, also recently re-geared.
The property occupies a prominent position immediately off the Nottingham Road (A60) and immediately south west of the town centre. It sits within an established retail cluster next to Sainsbury’s, Aldi and Currys with Mansfield Town Football Club nearby.
Ed George, Partner at Montagu Evans, 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 re-gear 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, said: “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.”
Montagu Evans advised the seller and Barker Proudlove advised the buyer.
