INVESTOR PUTS DOUGH INTO WELL-KNOWN PIZZA RESTAURANT
March 25, 2020
A purpose-built restaurant that has been serving pizzas for almost 30 years at the gateway to all Birstall’s retail, leisure and entertainment offerings, has been sold in an off market £1.6million deal to an undisclosed investor.
The standalone building covers 3,087sq. ft and was built in 1991 for Pizza Hut (UK) Limited, which has been in occupation ever since.
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, said: “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.