L&G offloads £10.4m Nottinghamshire leisure park
Legal & General (L&G) has sold Mansfield Leisure Park in Nottinghamshire for £10.37m, reflecting a net initial yield of 9.74%.
The asset was acquired by a private property company controlled by two Irish investors.
Spanning 75,052 sq ft, the leisure park is anchored by an eight-screen Odeon cinema and a recently regeared bingo hall let to Club 3000. It also comprises a three-unit restaurant parade let to Nando’s, Bella Italia, and Serenity, alongside a McDonald’s drive-through which has also recently been regeared.
Situated in a prominent position off Nottingham Road (A60) and immediately south west of Mansfield town centre, the leisure park sits within an established retail cluster adjacent to Sainsbury’s, Aldi and Currys, with Mansfield Town Football Club nearby.
Montagu Evans advised L&G, whiles Barker Proudlove advised the buyer.
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 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, 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.”