'Ocean' on Exmouth seafront on market for £2.7 million
The Ocean leisure centre on Exmouth seafront is up for sale.
The massive building - originally known as the bowling alley - opened in December 2012, after a series of stops and starts, partly relating to problems with some of the construction. At one stage, East Devon District Council threatened to take over from the developer, but in the end it opened to some surprise that what had been billed as a bowling alley had only a small amount of space set aside for that use. Running it eventually fell to Leisure East Devon. It's understood they'll stay as tenants of any new owner.
At nearly 50,000 square feet, the building is arguably the largest in Exmouth
The asking price is £2.7 million pounds. The new owner will enjoy rental yields of seven per cent, so that's £189,000 a year, based on that price. LED Leisure took a lease in 2015. The agent's particulars say the tenant has a 25 year-lease, with an opportunity to terminate it after 15 years, and the rent goes up by the cost of inflation every five years.
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