The Centre
The Arena Centre is a high quality mixed use commercial and residential scheme completed in 2008. The overall development comprises ground floor retail, 3 office blocks, 230 apartments and a 119 bedroom hotel with leisure centre and conference / meeting facilities.
All of the retail, office and hotel accommodation is included in the sale, apart from the Lidl grocery store which was recently sold to Lidl by way of long leasehold interest and subsequently upgraded by the tenant, which cements their presence in the scheme as a key footfall driver. None of the residential accommodation forms part of the sale.
Offices
3 blocks of offices totalling 9,117 sq. m (98,137 sq. ft).
Hotel
119-bedroom hotel with leisure centre, conference and banqueting facilities
Retail
8 retail units totalling 9,228 sq. m. (99,324 sq ft.)
Retail
The retail element makes up 36.0% of the passing rent and is backed by excellent covenants. Overall retail occupancy at The Arena Centre is 98% occupied. The final two vacant units are reserved by interested parties.
Office
The office portion of The Arena Centre extends to over 98,137 sq. ft. (9,117 sq. m.) and is fully let to two excellent tenants, both on upward-only rent reviews
Hotel
The Hotel makes up 16% of the passing rent. The current rental rate is passing off a low base and with a CPI linked uplift in November 2023 investors will have immediate growth in this income in the short term.
