Ely Leisure Village Ely, Cambridge
silhouette black man survey and civil engineer stand on ground working in a land building site over Blurred construction worker on construction site.
Client
Turnstone Estates
Sector
Commercial
Location
Ely, Cambridge
How we helped
Retail and Leisure Development Consultancy
Statistics
5.70%
net initial yield
@
Get in touch
@ Mike Prosser
Michael Prosser
Investment and Asset Management
020 7518 3224 email me about Michael
@ Will Mooney
Will Mooney 
Partner - Head of Professional and Commercial Services in the Eastern Region
01223 558032 email me about Will Mooney
PREV:
NEXT:

Three career highlights:

Director, Helical Bar; Owner/Director Stiles Harold Williams; Owner, Whittingham Prosser.

I can provide advice on:

Will Mooney is a Partner based in Cambridge. He has over 27 years experience of the agency, investment, acquisition and development markets in this region and nationally. He specialises in the office, business and science park, hotel, retail and leisure sectors. Will provides strategic advice to many institutional, national and international clients, including ARM Holdings, The Downing College, Development Securities, Carisbrooke, University of Essex, Goodman, Greene King and Travelodge.

I can provide advice on:

On behalf of Turnstone Estates, Carter Jonas has arranged development finance for a new 46,000 sqft leisure park situated at Ely, Cambridgeshire.

Ely is an attractive historic City located 14 miles north of Cambridge. It is part of a group of satellite commuter hubs that surround Cambridge with a growing population and requirements for suitable leisure amenities to satisfy their demand. The leisure park is situated just off the A10 bypass a short distance from Ely town centre.

Upon completion the development will comprise approx. 46,000 sqft of accommodation, arranged as a 6 screen multiplex cinema, 4 in-line restaurants, 2 drive through restaurants and a parade of 3 take away outlets. The site area is approximately 6.90 acres and the scheme will provide around 380 car spaces.

The tenant line-up includes Cineworld, Greene King t/a Hungry Horse, The Restaurant Group t/a Frankie & Benny’s, McDonalds, KFC, Costa, and Subway. The total passing rent will be approximately £915,000pa. The leases are all drawn on FRI terms for a minimum of 15 years without breaks.

Carter Jonas provided development funding advice and negotiated the sale through a process of competitive bidding. Additionally we provided leasing advice and secured pre-let’s initially on 75% of the units, with the remainder to be let prior to practical completion.

The development was forward funded by Standard Life Investments for a total commitment of £15.70m showing a net initial yield of 5.70%.