Cardinal Park sold for �20m

THE Cardinal Park leisure complex in Ipswich has changed hands in a deal valuing it at nearly �20 million.

THE Cardinal Park leisure complex in Ipswich has changed hands in a deal valuing it at nearly �20 million.

Insurance and investment group Legal & General has acquired the Commercial Road site, on behalf of its Linked Pensions Fund, from previous owner PRUPIM for around �19.4million.

Cardinal Park, which includes the 11-screen Cineworld multiplex cinema and the nearby Liquid nightclub, has total floor space of 111,300 sq ft which is currently 97% let with an average unexpired lease term of 13 years.

Other operators within the complex include Prezzo, ASK, Nando's, Frankie & Benny's, McDonalds and Punch & Judy.

“Despite the recession, leisure activity forecasts have remained strong, as consumer spending on entertainment continues to be one of the least volatile components of total consumer spending as leisure pursuits, such as cinema outings, have become ingrained into our behaviour patterns,” said Legal & General in a statement today.

“With robust forecasts for the leisure sector and no previous exposure to it, the Linked Pensions Fund is now strategically rebalancing its sector weighting.

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Michael Barrie, director of balanced funds at Legal & General Property, added: “Cardinal Leisure Park represents a prime leisure park asset offering good opportunities to grow income. As the dominant leisure offer in the area, it benefits from a large and affluent catchment, high annual footfall and a strong tenant mix.

“We will now be looking to showcase our specialist leisure asset management skills by refreshing the existing offer with some visible improvements to the configuration of the space, thereby attracting further high quality operators to the scheme in the future.”

Legal & General Property is one of the largest owners of leisure park assets in the UK. PRUPIM, the vendor, is part of M&G, the asset management arm of Prudential plc