Sunniside Leisure
The total GIA is 91,374 sq ft and the site extends to 2.97 acres (1.2 ha). Sunniside leisure scheme is the only cinema in Sunderland. The scheme provides the only national A3 operator concentration, whilst the remainder of the city provides for more regional brands. The 650 space multi-storey car park is held on a long leasehold by the local authority, providing all users with free parking.
The property is situated on High Street West in the heart of Sunderland’s principal leisure destination, approximately 250 metres to the north-east of the station. The primary frontage to the property is on to High Street West, leading onto Lambton Street. To the north of the development is West Wear Street (A1018) linking St Mary’s Way (A183) at the junction of Bridge Street.
Sunniside was redeveloped in 2003-2004 under planning permission (Ref 02/01683/AME) which amends the earlier permission (Ref 00/00641/AME). Part of the property accommodating the restaurant and bars has retained an original and listed façade and sits within the central conservation area of Sunderland. The listed status means there is nil rates liability on any voids under current legislation.
Acting for Columbus UK Real Estate Fund and Yorvale Properties Ltd, Pudney Shuttleworth has acquired the 91,000 sq ft multi-let leisure investment and adjoining 650 multi-storey car park in Sunderland City Centre. The scheme, constructed in 2005, is let to Empire Cinemas, Gala Casino, Frankie & Benny's and Nando's. There are further asset management angles including two additional bar/restaurant units available to let. The price paid of £9,300,000 reflects a net initial yield of 9.1% and a capital value of approx £100psf. The leases have an average weighted unexpired term of 18 years and 60% of the income is subject to minimum uplifts of 2.5% per annum, this giving a 10% plus running yield within a short timeframe.