Mon, 17 Jun 2013 | COMMERCIAL PROPERTY
Derby Riverlights Developments Ltd, the holding company for a leisure complex site in Derby, has entered administration.
The property agent Colliers International has been given the task of selling the property for £23 million, a figure which has been cut down from the original cost to build it – thought to be around £100 million.
The building comprises two hotels – Hampton by Hilton (117 beds) and Holiday Inn (105 beds) – a large Spar convenience store, Jimmy’s World Grill and the Genting Club. These businesses are unaffected by the administration or sale of the property.
It also has a 900-space car park and sits opposite a shopping centre and 12-screen cinema. The sale price of the property represents £100 per square foot, which is “good value for money for investors”.
Tim Meakes, the head of specialist investment at Colliers International, noted: “There has already been initial interest but we are in a very early stage of marketing.
“The scheme is a modern mixed use gateway development which will also benefit from an Olympic size swimming pool as part of the Councils’ £50 million leisure strategy.”
Together, Riverlight’s tenants pay £1.97 million in rent each year. It is thought this amount may well increase to £2.3 million by 2020.
Colliers is also looking to find new tenants for the three or four remaining empty restaurant buildings.
After its loan with the former Bank of Scotland was sold on to a third party, pressure was put on the company to repay the loan in a short time frame, pushing the directors to make a move to sell the property.
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