One of Cumbria’s most popular tourist attractions has been sold out of administration to a consortium of private investors.
The deal for the freehold interest in South Lakes Safari Zoo, Dalton-in-Furness, was snapped up for an undisclosed amount.
The deal was overseen by Savills on behalf of Steven Williams and David Acland of FRP Advisory Trading acting as administrators of South Lakes Safari Zoo Ltd, together with a private investor.
The site, which is let to and operated by Cumbria Zoo Company Ltd, extends to approximately 38.07 acres and 138,000 sq ft of buildings, providing more than 60 indoor and outdoor attractions with more than 45 different themed features.
The freehold investment generates an income of £500,000 per annum from two concurrent leases granted to Cumbria Zoo Company Ltd which continues to operate South Lakes Safari Zoo.
Janette Kemp, chief executive of The Zoo Investment Company, a new entity set up by the consortium which now owns the freehold interest, said: “We are delighted to have acquired this interesting investment.
“Our investors have a wealth of experience across a number of sectors and with their assistance we are confident in the zoo’s long term success.”
Ian Simpson, head of the leisure and trade team at Savills, added: “The sale of the freehold interest in this property generated interest from a range of investors seeking a more diverse investment than usual.
“The Zoo Investment Company submitted a competitive bid for the freehold interest, which coupled with their past experience in leisure properties made them a natural fit for this investment.
“We are pleased to have completed the sale of this unusual property on behalf of the vendors who jointly instructed Savills to advise on the transaction.”
