LONDON (Alliance News) - Secure Income REIT PLC Wednesday confirmed it has received unsolicited interest in the possible sale of its Madame Tussauds property investment, and has appointed CBRE to run a marketing campaign ahead of the potential of the property.
The property that house the world famous Madame Tussauds waxworks sits in Marylebone Road in Central London, and is let on a full repairing and insuring lease to a unit of Merlin Entertainments PLC, the owner and operator of Madame Tussauds. The waxworks has been in the building for more than 130 years, and this will be the first time that the property investment has been offered for sale individually on the open market.
The lease runs for a minimum of a further 27 years with the option for the tenant to extend by up to a further 70 years upon expiry, bringing the potential tenancy length to almost 100 years, according to Secure Income. The current rent payable on the property is GBP15.5 million a year and the lease provides for uncapped, upward only annual rent reviews throughout the term geared to the Retail Price Index.
"The company's strategy remains firmly to invest in and hold for the long term high quality assets which generate very long term income from exceptional tenants," Secure Income said in a statement.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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