Commercial Property News

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Friday, February 02, 2024

Silverlink Leisure Park, Newcastle-upon-Tyne sold to CBRE Investors

Hercules Unit Trust managed by British Land, advised by Savills, has sold Silverlink Leisure Park, Newcastle-upon-Tyne to CB Richard Ellis Investors for 14.5m, reflecting a net equivalent yield of 5.48%.

The 50,533 sq ft leisure park is located adjacent to the highly successful Silverlink Retail Park situated on the A19 Coast Road east of Newcastle city centre. The popular scheme comprises a 42,222 sq ft nine-screen Odeon cinema, and restaurants including Frankie + Benny's and Pizza Hut. It has 600 dedicated car parking spaces. The annual rental income is 734,000 pa subject to a minimum fixed uplift on the cinema in 2008.

Silverlink Retail Park, which lies adjacent to the scheme, is a 205,000 sq ft park anchored by Boots, Borders and JJB Sports and remains in the ownership of HUT.

Andrew McGregor, Savills' head of leisure, says: "2006 was a record year for leisure investment with over 1.2 billion transacted. Schemes such as Silverlink provide opportunities to invest in good tenants with strong rental growth prospects, a formula which will continue to attract funds and experienced investors in 2007."

David Noble at CBRE Investors, says: "We are very pleased to have secured such a prime leisure park investment. The investment benefits from long-term, well-secured income with good growth prospects and the scheme's trading performance is significantly enhanced by virtue of its location next to one of the UK's top shopping parks."

CB Richard Ellis Investors was represented by Montagu Evans.