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%.