Search
 

Coventry Leisure Scheme Fetches $39M

LONDON-Targetfollow has paid £21.4 million ($39 million) for the 124,253-sf Skydome Leisureworld in Coventry, to show an initial yield of 6.6%. The sale reflects renewed investor interest in the leisure sector.

By Graham Parker | Updated on April 22, 2004

LONDON-A private consortium, advised by BCM and Aprirose, has sold Skydome Leisureworld in Coventry to Targetfollow for £21.4 million ($39 million). The price reflects a net initial yield of approximately 6.6%. The 124,253-sf development was built in 2000 and is the city’s leading family leisure destination. It is anchored by a nine-screen Odeon multiplex cinema on a 35-year lease with other tenants including Old Orleans, Chicago Rock Café, Jumpin Jaks and Ikon on 25-year terms. The scheme also incorporates an 800-space multi-storey car park, and the current rent roll is £1.5 million ($2.7 million) per annum. Andrew Riley of BCM says: “This sale highlights the growing attractiveness of leisure as an investment medium and destination complexes are the most sought after investment in this sector.” FPDSavills and Cardales represented Targetfollow.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.