Development Securities buys Burnley cinema
16 December 2010 16:49
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Development Securities has acquired a leisure park in Burnley for £4.025m from an undisclosed vendor, reflecting a net initial yield of 8.20%.
Around 70% of the income is secured to Apollo Cinemas for a further 21 years with the remainder to Punch Taverns for a further 13 years, giving a weighted average unexpired lease term of 18 years.
DevSec said the park offers scope to add value through improvements to the premises and addition to the park's restaurant offer.
