L&G kickstarts Cheshire Oaks leisure extension
Published: 12 September, 2011
Construction due to start on site on 77-bed Travelodge hotel and two restaurant units
Legal & General Property on behalf of its Leisure Fund has secured a pre-let to Travelodge on its development site at Coliseum Leisure Park, Cheshire Oaks, enabling it to progress its plans to build a 77-bed hotel based above two restaurant units.
The development, which is scheduled to start onsite in September 2011 and complete at the beginning of the summer 2012, will comprise a four-storey hotel, arranged above an 800 sq ft hotel lobby and 7,000 sq ft of ground floor restaurant space. The hotel has been pre-let to Travelodge on a 25-year lease. The restaurant space will be divided into two A3 units, comprising 3,000 sq ft and 4,000 sq ft, respectively and will be marketed once work starts on site.
Existing operators at the scheme include a 16-screen Vue Cinema, which is one of the most successful cinemas in the country, and a recently opened Miller & Carter Steakhouse, which is owned by leading restaurant and pub operator, Mitchells and Butlers, and was the first of its kind to be placed on an out-of-town scheme.
Andrew Ferguson, fund manager to LGP’s Leisure Fund, said: “This letting demonstrates LGP’s ability to source and attract high quality tenants and also reflects our ongoing belief that there is significant value to be found in the leisure sector, which continues to offer long leases off sensible base rents, providing an attractive alternative to some of the more traditional investment sectors.
Jones Lang LaSalle is letting agent on the park. Travelodge was advised on this deal by Whitestone Retail and Leisure.
