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Fineman Ross sells prime leisure park, Chingford, London

wantspacegotspace.co.uk - Fineman Ross sells prime leisure park, Chingford, LondonFineman Ross, advising on behalf of a private client, has sold the long leasehold of Larkswood Leisure Park on New Road in Chingford, London E4, to BAE Systems Pension Fund. The £6,775,000 sale price reflects a net initial yield of 8.25%.

The prime leisure park comprises 47,481 sq ft of lettable space on an 8.27 acre site, let to: Green’s Health & Fitness, trading as Nuffield Health; Busy Bee’s Day Nursery, and; City Centre Restaurants, trading as Frankie & Benny’s at a current rent of £591,256 per annum, rising to £610,000 in 2017 and £632,067 in 2022. The average weighted unexpired lease term is 14.25 years.

The site is also home to a community leisure centre and a Harvester restaurant.

Franck-Steier Price advised the purchaser.

Posted by The Editor (wantspacegotspace) on 29th July 2013 (updated 05/08/2013)

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