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 £915,000 pa. 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-lets, 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%.