Ediston Property Investment Company has acquired three leisure properties for £10m (net of acquisition costs), reflecting a net initial yield of 8.60%. The acquisition was funded from existing cash resources.
The properties comprise two units in Liverpool and Hartlepool, which are let to Mecca Bingo, and a third unit in Telford, part of the Southwater Square leisure development, which is let to Rank Group Gaming Division. All three leases expire in September 2022, giving an unexpired term of seven years. The passing rent of the properties is £910,085 per annum
EPIC : Ediston buys three leisure properties