Private investor serves up £1.6m for Yorkshire Pizza Hut venue
A private investor has forked out £1.6m for the site of a Yorkshire pizza chain venue.
The site, in Birstall, was built in 1991 to house a Pizza Hut restaurant, which has occupied the venue since.
The standalone building covers 3,087 sq ft and was bought in an off market deal.
Leeds property consultancy Gent Visick negotiated the sale, acting on behalf of the LF Canlife UK Property Jersey Unit Trust managed by Canada Life Investments.
The sale reflects a net initial yield of 6.33 per cent.
Garry Howes, director of investment at Gent Visick, commented: “Birstall is one of the most popular prime retail and leisure destinations in the North of England, attracting millions of visitors every year.
“It’s also renowned for being home to Ikea and the 16 screen Showcase Cinema, which is next to this restaurant and is a major generator of custom.
“Pizza Hut is the first brand you see on leaving the M62 and travelling along Gelderd Road, which has made it a landmark for Birstall’s visitors for almost 30 years.
“We were delighted to agree this deal.”
The purchaser was advised by Jonathan Wade at Wade Property Consultants.
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