PROPERTY St Helena looking to develop tourism projects


The island of St Helena is undergoing a histori- cal change as it attempts to kick-start its tourism indus- try following the recent announcement


that Te cinema lies in the centre of Leiscester Square


Leicester Square’s Vue Cinema sold for £23.46m


Cordea Savills, the property investment- company, has purchased the Vue Cinema in London’s Leicester Square for £23.46m on behalf of a UK pension fund client. Te nine-screen cinema, seating 2,500


people, lies in the heart of London’s West End. It was rebuilt behind the Art Deco façade in 1993 and is the only remaining multiplex on Leicester Square. The asset is the first to be purchased


as part of a new mandate of £100m to be invested in properties with Retail Prices Index or fixed rental increases. Te property comprises a 22-year lease-


hold interest from freeholders Gascoyne Estates and is being acquired at an initial yield of over 8.25 per cent with fixed annual rental increases of 2 per cent. Lucy Winterburn, director of investment,


said: “Te robust fundamentals of the loca- tion and covenant plus the attractive leasing structure should make this asset a strong performer relative to our client’s perfor- mance objective.” Cordea Savills was advised by Cortex


Partners, with Fineman Ross acting on behalf of the vendor, Helix Property Advisors. Details: http://lei.sr?a=m7V4E


Welsh museum looking for £900,000 investment


Te Greenfield Valley Trust (GVT) has been awarded £60,000 and a ‘first round pass’ to finalise plans before submitting a bid for £900,000 from the Heritage Lottery Fund to finance a proposed museum. Te trust is planning to open a centre themed around the Greenfield Valley Heritage Park, near Holywell in north Wales. GVT is looking to create a museum to


explore the history of the site, which dates back to the 18th century. The trust has said that if museum plans go ahead there would be a “tremendous positive impact” on local businesses and the wider commu- nity. Details: http://lei.sr?a=W1R9E


© CYBERTREK 2013


the


island’s first airport will be operational by 2016. The 47sq m (121sq km)


island has seen major reforms to its immigration, land devel- opment and tax regulations in an attempt to attract foreign investors to the island. Plans have already been


announced for a £70m hotel, villa and golf course project by UK-based architecture firm Purcell. Now further investment being sought for the island - one of the most remote locations in the world with the only way at present to get there being a five day journey by


Te island has seen major reforms in an attempt to bring in investment


ferry. Also announced is the Jamestown Hotel initiative – a 70-bedroom, £7.5m hotel that will be made up of five converted historic build- ings. Details: http://lei.sr?a=f1m6q


£280m race track for South Wales


A new £280m race track in Blaenau Gwent, south Wales, will be built after receiving approval from local councillors. The development, which


will be built near Ebbw Vale, will generate an esti- mated £50m annually for the economy and was given unanimous backing during a meeting of the county bor- ough council. The project covers 830


acres (335 hectares) of land and will be built by the Heads of the Valleys development Company (HVDC). The track will be one of


Te race track is expected to generate around £50m for the economy


the largest ever privately led investment pro- grammes in the history of UK motor sport and will create around 3,000 new jobs during the construction phase. Te first phase of devel- opment will see the construction of the race


circuit in addition to a hotel and commercial and retail complexes. Te track will be 3.5m (5.6km) long and will


also feature a karting track and off-road driv- ing facilities. Details: http://lei.sr?a=d9K2G


Plans resubmitted for Bolton sports club project


Developers have resubmitted plans for a £1.3m relocation of Lostock Sports Club in Bolton, Greater Manchester, aſter the initial time frame for planning permission expired. Te proposed development has seen bowl- ing facilities, which were initially approved,


Twitter: @leisureopps


removed from the plans while two rugby pitches, a cricket pitch, a clubhouse, car park and equipment storage container are included. Te developer, Persimmon has bought an


additional strip of land to accommodate the needs of the club. Details: http://lei.sr?a=Q8v0n


Read Leisure Opportunities online: www.leisureopportunities.co.uk/digital 13


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