PrOPerty
Bowling revival key to UK leisure parks
neiL riChmOnD is founder of leisure property consultancy Neil Richmond and Co and an LPF committee member
T
en pin bowling has established itself as one of the main leisure pastimes enjoyed throughout the UK since the first centre opened
in a redundant cinema in London in 1960. When purpose-built leisure parks began to be developed in the 1980s and 1990s, most incorporated a ten pin bowling outlet with Megabowl, Hollywood Bowl and Bowlplex fighting it out to be the chosen operator. However, 50 years on, alarm bells started
ringing as to the underlying health of the sector when Essenden – the AIM listed operator of the Tenpin chain – saw like for like sales in 2009 fall 8 per cent on the previous year. Te ensuing ‘austerity years’ have seen further deterioration in trading, with Tenpin’s turnover down a further 5.3 per cent in 2010 and 7 per cent in 2011. It is not surprising we have already seen
Company Voluntary Arrangements (CVA) entered into by three of the main operators – Newbury Leisure (Lakeside Superbowl) in November 2010, Essenden (Tenpin) in September 2011 and, last month, Bowlplex – as each sought to placate their bankers and secure a stabilised financial position. Inevitably, one of the main victims of
these CVA’s were property landlords, with Newbury, Essenden and Bowlplex secur- ing releases from their lease liabilities at a number of sites and effectively reducing the contractual rent liability at a significant number of others. Te financial ‘hit’ suf- fered by landlords might understandably result in resentment, even if the landlords appreciate the difficulties of their tenants. Nevertheless, enlightened landlords see
there is much more to be gained by work- ing with bowling tenants to secure a future for the operation within its leisure scheme, not just because finding another tenant for a ‘big box’ unit is far from easy but also because the footfall generated is important to the health of the wider leisure park. Recent trading results within the bowl-
ing sector suggest that the downward trend in trade is beginning to reverse and if land- lords and tenants can work together to align operating cost with turnover levels then everyone will benefit in the long run.
14 LLDC confirms Olympic Park opening plans
Part of the North Park will be the first section of London’s Queen Elizabeth Olympic Park to reopen following the 2012 Games, under new proposals announced by the London Legacy Development Corporation (LLDC). An 18-month transfor-
mation programme will be carried out by the agency to “clear, connect and complete” the park for its post-Games use, with the North Park open- ing on 27 July 2013 – exactly a year aſter the Olympic Games’ Opening Ceremony. It is the first phase of the LLDC’s planned
LLDC plans to open the new South Plaza area of the park at Easter 2014 Te remainder of the North Park will open
opening programme, with acres of parkland and the Multi-Use Arena – a 7,500-capacity entertainment arena – among the first facili- ties to be made available.
in late 2013, while the South Plaza – includ- ing the ArcelorMittal Orbit and the Aquatics Centre – is scheduled to open at Easter 2014. Details:
http://lei.sr?a=D6Y7z
Walthamstow Stadium plans backed
Housing association London and Quarter (L&Q) has been granted planning permission for the mixed-use redevelop- ment of the capital’s landmark Walthamstow Stadium site. Te historic former grey-
hound racing stadium has remained vacant since it shut in August 2008. L&Q’s plans to rejuvenate the site were first submitted last July, before being revised in December. Waltham Forest Council
has now approved the Conran and Partners-designed rede- velopment, which includes the restoration of the Grade II-listed Tote building to house a community leisure centre. Te main Tote building will offer a climbing
A leisure centre will be provided as part of the stadium redevelopment
include a Stadium trail – featuring a sprint cir- cuit around the original greyhound track. Mike Johnson, land director at L&Q, said:
wall in order to provide a “dramatic feature to the historic space”, while a landscaped plaza in front of the Tote aims to “promote com- munity interaction”. L&Q’s updated plans also
“[Te scheme] will bring £50m worth of invest- ment into the borough – including £3.8m in section 106 contributions.” Details:
http://lei.sr?a=D3Y1M
New urban wetlands to surround Cork GAA stadium
Cork City Council has appointed OKRA and REDScape to work on the design of a new city park development surrounding the Irish city’s Páirc Uí Chaoimh stadium. It is hoped the project will act as a catalyst in the revitalisation of Cork’s Docklands, with
Read Leisure Opportunities online:
www.leisureopportunities.co.uk/digital
an extensive series of urban water gardens to create sustainable parklands. Urban spaces will cater for GAA fans on
match days, while Páirc Uí Chaoimh’s revamp plans will be integrated into the park design. Read more:
http://lei.sr?a=z0G4E
Twitter: @leisureopps © CYBERTREK 2012
image: lldc
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