AEW, advised by Avison Young, has purchased the freehold interest in Planet Ice’s Milton Keynes scheme for £4.125 million, reflecting a net initial yield of 7%.
The 51,049 sq ft (4,742.50 sq m) modern purpose built unit, located within Milton Keynes Leisure Park, has recently undergone a £5.8 million refurbishment. Let on a new 20-year lease to Planet Ice (Milton Keynes), the investment provides a rental income of £300,000 per annum, with five-yearly rent reviews.
Tom Bridgman, Avison Young’s Principal, Investment, comments: “We are delighted to have advised AEW on this core south east leisure investment. The opportunity provides our client with long-term income, with performance generated through indexation.”
Planet Ice was advised by Colliers International.
