Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 2°C

ESTD 1874 Search

Bury St Edmunds: LaSalle acquires leasehold of Parkway leisure development

10:16 18 December 2012

The Parkway leisure development in Bury St Edmunds

The Parkway leisure development in Bury St Edmunds

THE Parkway leisure and retail development in Bury St Edmunds is under new ownership.

shares

International property investment manager LaSalle has acquired a long leasehold on the scheme on behalf of an undisclosed client.

Tenants within the 41,000sq ft development, which was completed in 2005, include Cineworld which operates the centre’s anchor eight-screen multiplex cinema complex.

There are also five restaurant and take-away units, occupied by national operators Frankie & Benny’s, Ask Pizza, Giraffe, Subway and KFC.

The value of the leasehold transaction, on which LaSalle was advised by Knight Frank, remains confidential.

LaSalle has around US$47billion (£29billion) of assets under management, on behalf of clients including private and public sector pension funds, insurance companies, governments and private owners.

The company said a key factor in the success of the Parkway complex was its location closed to the retail core of Bury, including the arc shopping centre.

Spokeswoman Ruth McFetridge added: “We are extremely pleased that this deal has been completed and it is great news for our client.

“The Parkway is an iconic destination in the local area and is one of the primary retail and leisure attractions of the town.

“Since its opening in 2005, the Parkway has had an extremely strong tenancy record and the trade levels have remained robust. These factors combined to make the scheme a highly attractive investment proposition.”

shares

0 comments

Alex Till of Menta.

Suffolk-based Enterprise agency Menta and the county branch of the Institute of Directors (IoD) are working together to help Suffolk business owners as they strive for growth.

The water unit from the Prince's Street fire station with Ipswich with officials from the Port of Ipswich and students from Suffolk New College at the water safety demostration hosted by the port.

The Port of Ipswich teamed up with Suffolk Fire and Rescue Service to stage a rescue simulation off Orwell Quay.

From left, Chris Chamberlain from HTK, Vicki Cole from Crafted and Helen Dodman from Ipswich Central, the three organisations behind the Destination Digital conference.

The company behind the delivery of the Ipswich town centre Business Improvement District project has teamed up with two local digital specialist to stage a conference on online marketing for the tourism and hospitality sectors.

French Connection has warned that it faces a substantial loss when it posts its annual results.

Fashion chain French Connection today warned that it now expects to make a big annual loss after seeing its recovery hopes dashed by a difficult spring trading period.

Andrew Harrison, managing director of Stansted Airport.

Manchester Airports Group, parent company of Stansted Airport, scored a four-star rating in Business in the Community’s 2015 CR Index.

Dominic Casserley, group chief executive of Willis.

Global risk advice and insurance broking firm Willis has launched a 550million euro (£393m) offer to take full control of the French broker Gras Savoye.

Sainsbury's is to cut 800 jobs as part of a restructuring of its store operations.

Sainsbury’s is to cut 800 jobs as it becomes the latest supermarket to restructure its operations in the face of tough trading conditions.

The CWind Sword offshore support vessel.

Colchester-based offshore service vessel manufacturer CTruk has won an order to supply two more of its MPC22 boats to sister company CWind.

Kay Allen, founder of Trading for Good, and Paul Winter, chief executive of Ipswich Building Society.

Ipswich Building Society has been presented with a Responsible Business Award at a Trading for Good East of England event held in its home town.

Savills has agreed a deal to acquire Smiths Gore.

Property services group Savills has agreed the acquisition of residential and rural agency chain Smiths Gore for an undisclosed sum.

Most read

Most commented

Topic pages