Urban & Civic sells Feethams Leisure Darlington to UK institution
The scheme, delivered in 2015, offers 61,398 sq ft of leisure space including an 80 bedroom hotel and is let to tenants including VUE, Premier Inn, Nandos and Bella Italia. The purchase price of £22.5m refelcts a net initial yield of 6.14 per cent.
Urban & Civic development director Simon Hawkins said: “Having let and developed Feethams Leisure Scheme, we feel the recent sale reflects our core strategy and are confident the development will continue to thrive under new ownership.”
Knight Frank represented Urban & Civic Plc, Savills represented the purchaser.