Full house for AEW as it buys Luton Bingo hall

February 2017

AEW has acquired a freehold bingo hall let to Mecca in Luton, Bedfordshire, for £4.23m from a private investor.

The two-storey property totals 48,000 sq ft and has an unexpired lease term of 16 years. It is located three miles west of Luton town centre, close to the M1 motorway, and fronts onto Skimpot Road, opposite a Tesco superstore.

The bingo hall is part of a leisure complex that incorporates a fitness centre, a casino and a 300-space car park on a 3.7-acre site.  The purchase price includes additional parking income, to provide a yield of 7.66%.

Prime Retail represented AEW.