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LONDON-European Structured Leasing (ESL), acting for a private Danish consortium, has bought Luminar Leisure sites in Wigan and Bolton. This brings to two-fifths fulfilled its £50 million ($77 million) spending programme on UK leisure and retail investments.

ESL paid £3.15 million ($4.85 million) for 35-45 King Street, Wigan, reflecting a net initial yield of 6.75%. The property accommodates Luminar Leisure’s Jumpin’ Jaks and Orange House brands, which occupy a combined area of 22,245 sf, on leases expiring in 2026 and at rents of £222,450 ($343,000) a year.

ESL paid £1.68 million ($2.59 million) for Nelson Square, Bolton, reflecting a net initial yield of 6.75%. The 11,000-sf property is occupied by the Luminar Leisure bar chain Life on a lease expiring in 2026 at a rent of £119,680 ($184,300) a year.

Strutt & Parker advised the buyer. Richard Harris, Partner in Strutt & Parker’s investment department commented: “This is the latest in a line of prime investment acquisitions for the Danish consortium, providing yet another strong covenant and a long term income stream. Already, we have invested a third of the designated funds in a four month period and aim to complete the acquisition programme by mid-2003.”

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