Salmon Harvester Buys Nottingham Leisure Investment

February 4, 2014

Salmon Harvester Opportunity Fund, the £150m fund set up by Salmon Harvester and NFU Mutual, has purchased the freehold investment of a DW Sports Fitness centre in Nottingham for £6.6 million, reflecting a net initial yield of 8%.

The 45,732 sq ft building in Victoria Park Way, Netherfield comprises a ground floor sports and fitness centre with swimming pool and first floor associated retail space. It is let to DW Sports Limited with 20 years remaining on the lease at a rent of £560,000pa subject to five yearly 2.5% compound rent increases.

MBH LLP advised Salmon Harvester Opportunity Fund and Morgan Williams represented the vendor.

Matthew Meaden of Salmon says: “This property is well located in an established retail location in Nottingham and follows our strategy of investing in high yielding long leased investments. The adjacent vacant site also provides us with an opportunity to increase returns to our investors.

The Opportunity Fund was established to fill the gap between the prime, standing investments that NFU Mutual buys on its own account, and the higher risk development projects of Salmon Harvester, which is itself a joint venture with Salmon Developments.

To date it has purchased assets across all sectors and across the country in Kingston-upon-Thames, Oxford, Birmingham, Deeside, Reading, Droitwich and Worcester.

 

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