Morton Fraser advises in one of the largest UK commercial property deals so far this year
Posted: Thursday 2 June 2011
Morton Fraser advises on the £50m sale of The Rotunda
Morton Fraser advised on the recent sale of The Rotunda leisure scheme in Kingston-upon-Thames. The £50.7m deal saw the property sold to UK Commercial Property Trust, managed by Glasgow-based Ignis Asset Management, in one of the largest deals so far this year.
Morton Fraser, led by Christian Hook (Corporate) and Hugo Allan/Keir Mitchelmore (Real Estate), advised Curo Property Fund on the sale of this prime leisure scheme, located in an affluent London suburb, via a complex corporate structure. The selling agents were Edinburgh-based Capita Symonds.
The property extends over 170,000 sq ft, is fully let and has an annual rent roll of £3.3m from 11 tenants including some of the top operators in the leisure sector such as: Odeon (14 screen cinema), Tenpin Bowling, David Lloyd Fitness, Pizza Express, and Prezzo. Located in the heart of Kingston upon Thames, (one of the top three retail destinations in Greater London), The Rotunda is strategically located directly opposite Kingston train station and next to the town’s main bus interchange, where it benefits from a very high pedestrian footfall with in excess of 2.5 million visitors per annum.
Christian Hook commented:
“Deals such as this not only demonstrate our ability to manage large, high value transactions but also our strong cross-border capabilities.”
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