CB Richard Ellis Completes Sale of The Rotunda Leisure Scheme
London, 14 December 2009 - Derwent London Plc have completed the sale of The Rotunda leisure scheme in Kingston Upon Thames to a new fund established by Curo Property Funds LLP for £42 million reflecting a net initial yield of 7.46%.
The scheme in central Kingston was developed by Clearwater Estates in 2002 and provides 170,000 sq ft of leisure accommodation anchored by a 14 screen Odeon Cinema, David Lloyd Healthclub and Tenpin bowling alley. Other tenants include; Pizza Express, Frankie & Benny’s and Prezzo.
Rob Corlett of Curo commented: “This is an excellent prime leisure opportunity for our private investor client base offering medium term growth potential combined with an attractive running yield. The property is well let with good unexpired lease terms and a number of top quality occupiers. This is our largest equity raising to date and illustrates the recently increased level of interest in commercial property from the IFA market where our funds are raised.”
Curo Property Funds LLP establishes its own branded property funds for private investors, providing them with the ability to directly access individual commercial property investments. Rotunda is Curo’s 9th property fund and brings its total value of funds launched to over £250 million.