By Mitchell Labiak2018-11-21T13:04:00
AEW UK Core Property Fund has acquired The Kursaal in Southend-on-Sea and Grazebrook Industrial Park in Dudley for a combined £14.9m.
The Kursaal is located in Southend-on-Sea at the junction of Eastern Esplanade and Southchurch Avenue and is multi-let to a Tesco supermarket, bowling alley and casino.. The historic site first opened in 1901 and was home to one of the world’s first amusement parks before falling into decline during the seventies. AEW acquired the site for £7.5m, reflecting a net initial yield of 9.8% for the park which has a weighted average unexpired lease term of 11 years.
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