Coventry dining and leisure complex handed £15.4m price tag
A dining and leisure complex in Coventry has been placed on the investment market with an asking price of £15,400,000, reflecting a net initial yield of 9%.
Originally a traditional shopping centre, Cathedral Lanes has undergone a two-phase redevelopment and now comprises 76,000 sq ft of fully let retail and leisure space. The complex comprises nine restaurant and bar units, two competitive socialising venues, a large retail unit let to B&M, 12 residential apartments and a centre management suite.
The property is fully let to premier casual dining and leisure tenants including Las Iguanas, Wagamama, Cosy Club, Zizzi, Five Guys, Turtle Bay, Tortilla, Daiu, Olive Tree, Boom Battle Bar and Sidequest.
Cathedral Lanes generates a net operating income of £1,480,175 per annum and has a weighted average unexpired lease term of 11.7 years to expiry and 7.7 years to break. 68% of the income is secured for more than 10 years to expiry.
The central core of Coventry is currently undergoing a transformation through the City Centre South regeneration scheme. The project is set to deliver around 1,600 new homes, bringing 4,500 more residents to the city centre.
GCW has been appointed to find a suitable purchaser.