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.
Turnstone Estates
Ely, Cambridge
How we helped
Retail and leisure Development consultancy
net initial yield
@ Will Mooney
Will Mooney
Partner - Head of National Commercial Development
01223 633889 email me about Will

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 £915,000 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%.