Investor rolls dice on £24m casino portfolio sale
Buildings in Liverpool and Stockport form part of the Ace Portfolio, six venues totalling 96,000 sq ft and let to Grosvenor Casions.
The private overseas family office that owns the assets has appointed Allsop to find a buyer for the portfolio, which is valued at £24m.
A purchase at this price reflects a net initial yield of 13%.
In total, the unexpired lease terms could generate £20m for an investor. Annually, the six assets generate £3.3m.
The Grosvenor Casino on Wellington Street in Stockport and another at Queens Dock in Liverpool are the two North West assets within the Ace Portfolio.
The Liverpool casino is 17,000 sq ft and held on a long leasehold. The smaller Stockport venue, 9,000 sq ft, is available on freehold.
The others are in Edinburgh, Glasgow, where there are two, and Northampton.
Together, the casinos have an AWULT of 5.8 years.
The Queens Dock site would make an excellent multi storey mixed scheme.
Is the disposal linked to the current usage or can it be demolished and a new build put in its place?
By Liverpool4Progess