AEW UK Investment Management has announced that two of its funds have bought London East Leisure Park on Cook Road, Dagenham for £23.1m.
The purpose built 149,132 sq ft leisure park is split into two sections. The 76,787 sq ft western part was acquired by AEW UK Core Property Fund for £11.6m and the 72,245 sq ft eastern part was acquired by AEW UK REIT for £11.5m. Current tenants include Mecca Bingo, McDonalds, Hollywood Bowl, VUE and The Gym Ltd.
A major attraction of the park was its location in Dagenham, an area due to go through major regeneration over the next 10 years. The property is easily accessible, with close links to the A13 and M25, and 11 miles east of Central London. The surrounding area comprises a mix of retail, industrial and residential property.
Richard Tanner, Managing Director at AEW UK Investment Management said: “This particular property was attractive not just because of its location and high yield, but its potential alternative use prospects in the medium and long term. Here at AEW we follow regional and market trends closely in order to target assets with good underlying potential as well as providing sustainable income.”
