Doncaster Leisure Scheme Acquired in £9M Deal

A Doncaster cinema and restaurant scheme has been acquired by Clearbell UK Strategic Trust (CST), a trust advised by Clearbell Capital, for £9m.

The trust has bought 39,603 sq ft at Doncaster Leisure Park from an institutional investor for £9m, representing a net initial yield (NIY) of 8 per cent.

The site comprises a VUE cinema, and two restaurant units let to Nando's and Pizza Express. It is located adjacent to the recently developed Herten Triangle which includes TGI Fridays, Taco Bell and Burger King and the Doncaster Racecourse.

With the acquisition, CST aims to take advantage of rebounding leisure and hospitality footfall following the lifting of pandemic restrictions.

The trust has also purchased a single let industrial unit in Tunbridge Wells from Telereal Trillium for £4.1m in an off-market deal.

Rob Cole, investment manager at Clearbell Capital, said: "UK property continues to bounce back strongly following the pandemic. Occupier demand for leisure in strategic locations is growing, whilst yields remain attractive with relatively few leisure opportunities trading.

"Industrial demand shows no signs of abating, and we successfully continue to add to CST's industrial platform, taking advantage of the change in consumer habits and the move to online shopping."

Clearbell was advised by BGP/Mcgregor Wyn and DTRE, respectively.

The vendors were advised by Savills and ADS Real Estate Advisors, respectively.

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