The 160,000 sq. ft. complex at Jarman Park, on 11.3 acres of land, is predominately vacant with only an ice rink and an 8 screen Empire Cinema still trading. The scheme was previously anchored by Luminar Leisure. Ediston are to create a new restaurant quarter and have secured 6 pre-lets. Discussions are also ongoing with two other restaurant operators, a Gym operator as well as the existing cinema and ice rink operator in order to create what will be a first class leisure destination.
Ediston confirmed the main contract should commence in April with completion set for September/October 2014. Works have already started on site for the initial strip out and demolition of part of the existing building. The project has an end value of in excess of £25m.
Andy McKinlay, Development Director at Ediston said, “The purchase of the property is in line with our strategy of identifying and acquiring sub-prime property in need of entrepreneurial asset management, and refurbishment. We believe the planned refurbishment, extension and lettings will transform the asset into a well let Institutional-grade investment. We are again delighted to have secured the opportunity and look forward to working with our partners to deliver a first class investment.“