M&G looks for buyer for Medway Valley Leisure Park

M&G Real Estate has put Medway Valley Leisure Park in Rochester, Kent, up for sale for offers over £25m. Knight Frank and Savills are marketing the asset. The asking price reflects a net yield of 9.64%. The asset has been owned and managed by M&G since 2019. It was held in the group’s M&G Property Portfolio fund, which it confirmed plans to close a year ago. In the fund’s annual report that year, it said the park had a valuation of between £20m and £40m. The 20-acre leisure park comprises 215,512 sq ft across 11 properties. The park is anchored by Cineworld, Premier Inn, Hollywood Bowl and Nuffield Health. Other tenants include Frankie and Benny’s, Creams Cafe, Hungry Horse and McDonald’s. Medway Valley generates a total passing rent of £2.6m per annum, representing an average rent of £12.26 per sq ft, and has a weighted average unexpired term of 10.5 years to expiry and 9.23 years to break. Photo from Savills See investment sale comparables in Kent >>