We provide advice across the leisure property sector including the following sub sectors:
- Leisure Park
- Health Club
- Restaurant and Bar
- Late Night Venue
- Public House
- Sports Ground
Advice has been provided to purchasers of a number of major leisure investments. Examples include providing specialist advice to The Crown Estate in the purchase of The Gate, Newcastle; to Crosstree on the purchase of a 50% share in the O2 and to USS on the purchase of leisure parks at York and Feltham; in each case working alongside leading investment agents. We have remained involved on a number of such purchases in an asset management role.
Advice has been provided in the cinema sector for a range of properties including negotiating the rent review on the Cineworld multiplex in Glasgow – Europe’s largest and the Cineworld in Cardiff where we also advised on the purchase of the investment. A number of multiplex rent reviews are currently being handled across the UK and we have advised on reviews of a number of London cinemas including advising Landlords on three Curzon cinemas. We advised in 2014 and 2015 on the purchase of a number of Odeon cinemas as investments.
Our golf experience dates from the late 1980’s golf boom and we pride ourselves on maintaining a first class database on rents and sales in the sector. Advice has been provided on rent reviews to a number of golf clubs including Sunningdale, The Berkshire, Southerndown, Royal Ashdown, Royal Blackheath, The Richmond and Royal Mid-Surrey and Peter advised the latter two Clubs on their purchase of freehold interests from The Crown Estate. We continue to provide advice in respect of reviews, lease renewals and re-gears at a time of difficulty in the sector and have experience in agency activities and advising on sales and purchases.
We have acted on a number of rent reviews in the health club sector, including the review on the Nuffield Health Club in Wimbledon for Landlord Clients, F & C. We advised TIAA Henderson RE on the purchase of the David Lloyd Club at Farnham, working alongside Morgan Williams as investment agent.
Restaurant and Bar
We act on rent reviews across the sector. Examples of our involvement include negotiating all of the reviews on leisure parks including The Gate, Newcastle for The Crown Estate and Star City, Birmingham for F&C REIT/BMO.
Peter has extensive knowledge of this sector dating from the 1980s. We have acted on a number of bingo club rent reviews and recently advised on rental values and the market conditions in a portfolio appraisal exercise.
Our experience in the casino sector extends over 30 years. We provided advice to Gascoyne Estates on the letting of London’s Hippodrome Casino and advised on the lease of London’s Genting Casino on Shaftesbury Avenue.
Advice in this sector has been to property owners on rent reviews and lease renewals. We advised on the review as a lease variation on the Hollywood Bowl Hull for Canada Life.
Late night venue
Experience in the late night venue sector extends across late night bars, nightclubs and lap dancing clubs – largely in providing lease advisory services.
Peter has provided advice on the theatre sector including advising The Cadogan Estate on the rent review of the Royal Court Theatre, Sloane Square, London and a private client on the sale of the freehold of the Trafalgar Studios, Whitehall, London to the tenant ATG.
We maintain an active interest in the sector and Peter receives appointments as Arbitrator on rent review disputes.
In the area of outdoor recreation Peter has acted as Arbitrator or Independent Expert on rent review disputes on private sports clubs. We have been involved in providing rent review and agency advice on sports grounds and tennis clubs. We have provided advice to The London Marathon Trust over a number of years and others in respect of playing fields across London and the South East. We advised the LMT on the acquisition of the freehold of the Redbridge Cycling Centre to secure its future.