Intertain, the operator of the Walkabout chain, has placed two of its sites operating under the Australian-themed bar brand, on the market as part of a sale and leaseback opportunity, which values the two investments at £5m in total.
The John Leslie-led group has instructed Colliers International to oversee the sale and leaseback of the two properties in Blackpool and Derby, which are being marketed at £3.3m and £1.7m respectively.
The Blackpool property comprises 19,870 sq ft, arranged over basement, ground and two upper floors, located on Queen Street, a prominent trading position on the main circuit close to the UK’s second most popular tourist destination attracting approximately 13 million visitors per year. It is let on a new 25 year lease with rent of £300,000 per annum exclusive and holds a 3 am license.
The Derby property is located within Derby’s main market square, Market Place, a prime city centre leisure investment located within Derby’s cultural ‘Cathedral Quarter’, and 300 meters from Westfield Derby Shopping Centre. It is let on a new 25 year lease with rent of £160,000 per annum exclusive. The property is arranged over basement, ground and two upper floors; and includes accommodation for 10 bedrooms. The property is also due to undergo a £350,000 refurbishment during summer 2013.
Tim Meakes, head of Specialist Investment, at Colliers International, said: “This investment represents an excellent opportunity to acquire two high quality leisure occupying strong trading positions in prosperous towns.”
Intertain recently put the Walkabout in Shepherd’s Bush, west London, on the market, with an aim to use the proceeds to kickstart its acquisition programme and fund the remainder of its refurbishments.
