TELFORD Limited c/o Marr Holdings, advised by Montagu Evans, has acquired a tenpin bowling facility in Falkirk from Team Scotland Limited for £2.2 million reflecting a net initial yield of 7.5%.
The 24,495 sq ft (2,276 sq m) building on Redbrae Road is let to Tenpin Limited on a 25-year lease at a rent of £175,000 per annum.
Jaysen Golding of Marr Holdings said: “This is the third UK property transaction concluded by our group in the last 12 months as it seeks to actively acquire a substantial real estate portfolio in secondary UK locations. Our investment mandate is non-sector specific, rather focusing on value investments that present strong intrinsic fundamentals supported by sustainable long cash flow certainty.”
Ross Burnett, Partner at Montagu Evans, added: “This is the second acquisition for overseas client Telford Limited in Scotland, their third in the UK, and offers long term income secured against a strong covenant with index-linked rental growth. With the tenant signing a new lease earlier this year and intending to undertake a substantial refurbishment it should be an attractive long-term asset for our client’s portfolio.”
Kevin Sands of Team Scotland commented: “Tenpin’s approach came at an opportune time for the company when we were looking to concentrate on our other bowling centres in Airdrie, Kirkintilloch and Glenrothes and we are delighted that the property will continue to provide Falkirk with a very popular leisure facility.”
RJ Pearson Property Consultants advised Team Scotland on the letting to Tenpin and the subsequent sale to Telford. Montagu Evans and Harper Macleod advised Telford Limited.