Schroders Capital’s retail and leisure team – on behalf of the Schroders Capital UK Real Estate Fund (SCREF) – is pleased to announce that Ninja Warrior UK Adventure Park has signed a 15-year lease for a 25,000 sq ft unit at The Meadows Retail Park in Chelmsford.
In what will be its first experience in Essex, Ninja Warrior UK Adventure Park – operated by Prime Leisure Group and inspired by the hit ITV entertainment show – provides a physical adventure experience for all the family which sees visitors tackle a series of obstacle courses.
The letting builds on Schroders Capital’s existing relationship with Prime Leisure Group after the Schroders Capital team agreed a 15-year lease with Ninja Warrior UK Adventure Park for a 30,000 sq ft at SCREF’s Chatham Waterside asset in Kent in 2019.
Ninja Warrior Adventure Park UK’s letting in Chelmsford follows recent improvement works competed at the scheme, including a £3 million reconfiguration of the former 24,750 sq ft Argos, creating new high-quality spaces for popular occupiers PureGym, TGI Fridays and Cosy Club. Following the letting to Ninja Warrior UK, the asset will be 98% let.
The recent letting at Chelmsford now means that the Schroders Capital retail and leisure team has secured over 93% occupancy across the entire SCREF retail portfolio. The letting to Ninja Warrior follows a series of new leases which have been agreed at retail assets in Bracknell, Central London, Colchester, Romford, and Spalding over the past few months.
The considerable experience and expertise of the wider Schroders Capital retail team have helped the SCREF navigate the challenges which have been thrown at the retail market in recent years, including the fall out as result of lock down measures during Covid. Retail warehouse assets, such as The Meadows, have proved popular with discount retailers, convenience-led occupiers, as well as leisure tenants such as gyms and activity experiences. This is expected to result in strong and resilient income and returns for retail and leisure park investors.
Tom Woolven, Asset Manager for Schroders Capital, said:
“We are delighted that Ninja Warrior UK Adventure Park has selected The Meadows as its first location in Essex. It is testament to our team’s relationship with Prime Leisure Group that they have once again chosen a well-performing SCREF asset as a home for one of its flagship leisure operators.
“The letting also completes a successful leasing strategy at The Meadows following the decision to reconfigure the former Argos unit. Our team’s partnership approach with tenants and future occupiers gives us strategic insight into how best to model and provide the physical real estate our occupiers need for optimum trading performance. As a result, SCREF’s retail warehouse assets across the UK are near full occupancy and continue to create long term sustainable income growth and strong returns for our investors.”
Tim Morrison, co-founder, Prime Leisure Group comments:
“Choosing the right location for our Ninja Warrior UK Adventure Parks is vitally important, and we are confident that The Meadows provides the perfect base for our Essex based guests. The combination of city centre location with its easy accessibility to transport links and the proximity of complimentary leisure and lifestyle offerings, gives us a fantastic base for our new venue.”
The Ninja Warrior UK Adventure Park at The Meadows in Chelmsford will be Prime Leisure Group’s fourth asset and will be opening later in the Summer.
