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Grosvenor sells Fife Leisure Park to HPUT
Hermes Property Unit Trust, (HPUT), has purchased the first phase of completed units at Fife Leisure Park in Dunfermline from developer, Grosvenor, for £13.25m.
One of Scotland’s largest leisure parks, Fife Leisure Park has been operational for three years and units included in the sale are an Odeon Multiplex, a Bannatyne’s health club, a McDonald’s, a Pizza Hut and a Frankie & Benny’s restaurant.
Grosvenor retains the rights to a further 21 acres of undeveloped land and a senior development manager, David Sivewright, said that the company was “utterly committed to extending this success story by developing the remainder of the land.”
Fiona Sweeny, fund manager for HPUT, said: “We believe the mix of use on the park, coupled with the population growth in the area make this a secure and extremely attractive investment.”
Grosvenor was represented in the sale by Jones Lang LaSalle while CB Richard Ellis and Conroy Laurie acted for HPUT.
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