Recognising the latent value of this well-established leisure destination , EPF bought the Walkabout- a local landmark in the prime leisure pitch of Swansea. EPF's detailed knowledge of the leisure sector and operators allowed us to understand the trading performance, covenant strength and likely future performance of the asset.
EPF set about crystallising value by working with the tenant on a comprehensive refurbishment programme and agreeing a 10-year extension to the tenant's lease.
Investment rationale and Asset management:
High-yielding investment in prime location:
- Purchase price reflecting over 10% yield.
- More than 23-years remaining to excellent leisure operator.
- Regear/Extension of lease to create substantiial value uplift.
- 30,000 sq ft building representing low capital-value price per sq ft.
- Best leisure pitch, late-license in Swansea.