Advised by our investment team, Otium Real Estate has purchased Robin Leisure Park in Wigan from a fund managed by CBRE Global Investors. The purchase was made at a price of £12.48m reflecting a yield of 8.3% off a net rental income of £1.107m per annum.
The property extends to 96,163 sq ft and accommodates Wigan’s only multiplex cinema and a range of tenants including Empire cinema, JD Gym, Buzz bingo, Pizza Hut and Frankie and Benny’s. Adjacent to the DW stadium, the park sits on an 18.4-acre freehold site with nearly a 1,000 surface car park spaces.
Ashley Blake of Otium said,
“We are delighted to add this leisure park to the Fund’s portfolio. Its tenant line-up and location are established, showing us that the scheme still has significant potential for growth – we will be working closely with the tenants to enhance the park further. From this strong start to the year we are keen to acquire further leisure assets during 2020.”
Andrew McGregor, Head of Investment, who advised Otium said:
“It is always a pleasure to act for Otium and this is an ideal asset for their requirements, with a strong line up as well as scope for asset management.”
The vendor, CBRE Global Investors was advised by Montagu Evans. For more information on Otium’s requirements or on this transaction, please speak to Andrew Mcgregor.