January 30, 2017
Turnstone Estates and their funding partner Standard Life Investments have secured two further tenants at Ely Leisure Village in East Cambridgeshire. Burger takeaway and delivery company Chosen Bun – which started life on London’s Fulham Road – and local family owned diner Arbuckles, will be joining Cineworld, McDonalds, Costa Coffee, Frankie & Benny’s, Hungry Horse and KFC, when the new leisure destination opens at the end of April.
Chosen Bun has taken Unit 8b, comprising 1,001 sq ft, on a 25 year lease with break in year 15 and Arbuckles has signed a 25 year lease on Unit 3, comprising 3,315 sq ft.
Tim Deacon, director of Turnstone Estates, said: “Chosen Bun and Arbuckles are two fantastic additions to Ely Leisure Village. We have a great choice of restaurants to support our anchor tenant Cineworld, which is now fitting out its state-of-the-art cinema, ready for opening in May. There is no leisure provision north of Cambridge and coupled with the proposed swimming and leisure centre in phase two, this is set to be become a major leisure destination.”
Kevin Frost, Property Director at Cineworld adds, “Once again our development partner Turnstone has delivered. Chosen Bun and Arbuckles are an excellent addition to the restaurant mix. We look forward to opening our new cinema in May.”
Sandy Pringle, Fund Manager at Standard Life Investments, which is acting on behalf of their segregated client, Phoenix Life Ltd, commented: “Ely Leisure Village will form an outstanding new leisure facility for the growing town of Ely. The addition of these two restaurants will further boost the development’s appeal. Due to the attractive and unique tenant mix, this investment will provide the Fund with a stable, long term income stream.”
Two restaurant units remain available, which comprise 3,315 sq ft and 1,001 sq ft respectively.
Turnstone Estates secured forward funding from Standard Life Investments on behalf of their segregated client, Phoenix Life Ltd, last year for the £15.7 million, 49,000 sq ft scheme. Main contractor RG Carter Projects commenced construction in April 2016 and is undertaking a phased handover of units to tenants during the next two months.
The leisure park sits on a 6.5 acre site by the A10 at Downham Road and includes a six-screen Cineworld cinema, four in-line restaurants, two drive-thru units, a further solus unit and 380 car parking spaces, together with an underpass.
James Taylor of joint letting agent Carter Jonas, said: “The Ely area is set for significant growth over the next few years with around 5,500 new homes planned. This is undoubtedly creating a naturally attractive location for retail and leisure operators who see the long-term benefits of opening a store or restaurant in the region.”
Letting and investment agents for Turnstone are Carter Jonas and Wareing & Partners. Chosen Bun and Arbuckles were unrepresented.