New owners for a city leisure complex

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SUNDERLAND’S Sunniside leisure development is in new hands.

Investment specialist Columbus UK Real Estate Fund has snapped up the development, in a deal worth more than £9million.

The property comprises a 91,000sq ft centre, and adjoining 650-space multi-storey car park, and has tenants including Empire Cinemas, Gala Casinos, Frankie & Benny’s and Nando’s.

The new owner is part of Schroder Property, which has managed property funds since 1971 and has £9.5billion of gross property assets under management.

It also employs more than 100 property staff, based in nine offices across Europe.

Joe Froud, managing partner of Columbus Capital Management, said: “We are pleased to secure this substantial piece of real estate in the city centre.

“The price of approximately £9.3million reflects a net initial yield of 9.1 per cent, and a capital value of approximately £100 per sq ft.”