Thu, 12 Feb 2015 | COMMERCIAL PROPERTY
Nick Leslau, the landlord of the London site of Madame Tussauds, is looking for offers exceeding £300 million for the building, and has instructed property agent CBRE to manage the marketing for the freehold.
The Marylebone property that has been home to waxwork replicas of the rich and famous since 1884, is on a 27-year lease to Merlin Entertainments, paying out £15.5 million in rent a year, a rate which is steadily increasing alongside inflation.
Merlin Entertainments operates 20 Tussauds attractions, with sites in New York, Berlin, Beijing and Sydney included. In London Madame Tussauds is amongst the top ten tourist attractions by visitor numbers.
With barriers removed visitors can now take close up ‘selfies’ with their favourite music stars, Hollywood actors, sports heroes and historic figures.
Valued at £294 million in its last accounts Madame Tussauds was bought as part of a larger portfolio almost ten years ago. A sale would be the first time the property has changed ownership as a single investment asset.
The property is owned by Secure Income Reit, Mr Leslau’s company Prestbury Investment Holdings is the external manager to Reit and owns about a quarter of its shares.
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