The creation of Ely Leisure Village in East Cambridgeshire by developer Turnstone Estates has taken several major steps forward with new tenants signed, forward funding secured and construction work recently starting onsite.
McDonalds, KFC and Costa Coffee have signed leases, adding to the appeal for customers when the scheme opens. They join Frankie & Benny’s and a Hungry Horse pub, operated by Greene King, which have already committed to Ely Leisure Village. Negotiations are advancing on securing lettings for the remaining units.
Additionally, Turnstone Estates has secured forward funding for the £15.7 million scheme from Standard Life Investments.
Main contractor RG Carter Projects has now started construction work onsite on the 49,000 sq ft scheme, with completion due in early 2017.
The leisure park, on a 6.5 acre site by the A10 at Downham Road, is set around a six-screen Cineworld cinema, four in-line restaurants, two drive-thru units, a further solus unit and 380 car parking spaces together with an underpass.
Tim Deacon, director of Turnstone Estates, said: “We’re working hard to create a successful leisure park with a great choice of restaurants to support our anchor cinema Cineworld. Ely Leisure Village will serve a vast catchment north of Cambridge where currently there is no leisure provision. Coupled with the proposed swimming and leisure centre in phase two this is set to be become a major leisure destination.”
Sandy Pringle, Fund Manager at Standard Life Investments, acting on behalf of a segregated client, commented: “Ely Leisure Village will deliver a fantastic new leisure scheme for the city, meeting the growing demand for restaurant and leisure facilities in the area.
The investment will also provide the Fund with an excellent source of long term income, let to a variety of high quality tenants.”
Letting and investment agents for Turnstone are Carter Jonas and Wareing & Partners. MP Real Estate acted for Standard Life Investments.
McDonalds has taken 4,000 sq ft on a 25year lease and was advised by Perkins Fox. KFC’s agent was Dodson Jones for a 2,500 sq ft unit on a 20 year lease. Costa Coffee was represented by MP Real Estate for 1,800 sq ft of space on a 20 year lease.
