Such a price reflects a net initial yield of 6.5%, with a gross total income equivalent to £7.32m per annum.
The 220,000 sq ft scheme was developed in 2000/01 behind a listed façade and includes leisure, hotel and retail units.
Anchor tenants include a 14 screen Vue cinema, the only multiplex cinema in the city centre, a 147 bed Radisson SAS hotel, a Virgin Active gym with a 20m swimming pool and spa facilities, and a 420 space multi-storey car park operated by Q Park NV.
There are currently 41 tenancies within the scheme, which includes restaurant occupiers such as Prezzo, Zizzi and Nando’s as well as retail operators such as Superdry and O’Neill.
The centre sits opposite the prime retail pitch of Briggate, The Core and Victoria Quarter, and footfall currently stands at 6.1million per annum.
It is soon to benefit from the opening of the Leeds Arena, a 13,000 seat venue within walking distance of the scheme, which will host 140 events per annum.
Andrew McGregor from Knight Frank, which has been appointed to market the scheme, said: “The Light is one of the top five schemes in the UK. Leeds is thriving and, whilst I believe the asset will appeal to UK institutions, it will also have a broader international appeal.
“There have been some high profile leisure sales in 2012, including The Gate, Cornerhouse and Printworks Manchester. There is a feeling that values have improved due to strong occupational demand, the prospect of open market rental growth, as well as index-linked rental uplifts. Compared to certain retail sectors, especially poorer bulky schemes, the better leisure parks and schemes are now similarly priced and almost certainly offer better income security.”
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