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.
Client
Turnstone Estates
Sector
Commercial
Location
Ely, Cambridge
How we helped
Retail and leisure Development consultancy
Statistics
5.70%
net initial yield
@
Get in touch
@
William Rooke
Partner, Commercial
01223 326815 Email me About William
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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%.