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Norwich Riverside Leisure is already 70% pre-let and, on completion, is expected to generate annual rental income of £2.25m. Tenants include a UCI 14-screen multiplex occupying a 58,000 sq ft unit, a Bass bowling complex, a Rank nightclub along with bars and restaurants which will be operated by companies like Scottish & Newcastle and Greenalls. Located in the centre of Norwich, the Riverside site is adjacent to the railway station and has been patiently assembled by Railtrack Properties over the past 10 years.


Since its launch last August the MWB Leisure Fund II has acquired or forward funded five prime commercial leisure park schemes for a total investment of approximately £230m. John Harrison, MWB Director, said: We are absolutely delighted to have acquired this prime leisure park in an off-market transaction and we are looking forward to working with Railtrack and Gazeley to complete this exciting project. Dick Chenery, Railtrack's Property Director, said: This development is Railtrack's first property joint venture and has proved to be highly successful.

It is already delivering good returns which can be ploughed back into the company's huge capital investment programme which seeks to deliver a railway fit for the 21st Century. Commenting on the sale Gazeley's Development Director, Peter Gomersall, said: We are very pleased that MWB has invested in the leisure element of Norwich Riverside and see this as an endorsement of the quality of the scheme we are creating. Creston plc has acquired the Albion Complex in South Street, Glasgow from a private investor for £1.8 million, taking its investment on new properties in the last two months to almost £3 million. The purchase of the 11,091 sq m (119,381 sq ft) industrial estate will be made by £1 million in cash and the balance of £800,000 by the issue of 6.5% unsecured redeemable convertible loan stock.

The centre has a current rent roll of £237,000 pa and shows a net initial yield of 12.4% but with one vacant unit with an estimated rental value of £30,000 pa. By then you will oblige the backing of a real estate conveyancing www.enactconveyancingadelaide.com.au Leeds organization to ensure that the trade is happening precisely and genuinely.

Tom King, managing director of Creston, said: The Albion Centre adds to our existing portfolio of similar high yielding multi-let properties across the country. The slow down in the third quarter had little impact on a record year, which saw UK Institutions displaying a strong appetite for real estate, reports Jones Lang LaSalle. Total net investment by insurance companies, pension funds and investment trusts was in excess of £1.3 billion between September and December, up by over 55% on the previous quarter. For the year, UK Institutions ploughed almost £4.5 billion of new money into the sector, compared with £1.9 billion in 1997.

Commenting on the latest Institutional investment figures released by the office for National Statistics, Jones Lang LaSalle predicts 1999 will be another active year, with real estate continuity to be in favour with asset allocators. Confidence has returned to the sector, following a brief slow down towards the latter half of last year resulting from global economic turbulence, says John Stephen, Jones Lang LaSalle Investment Director. Well let property will be seen as a sound, defensive asset in 1999, continues John Stephen, Weight of money from UK and overseas Institutions and from public and private property companies point to a shift in yields for some property during 1999.