Entirely let to Competition Line (UK) Limited t/a Lifestyle Fitness on a 25 year lease until 2037 (subject to option)
Prominent corner position adjacent to Travelodge just off M6 Motorway
Five yearly fixed rental uplifts
Large on-site car park
Lot 47
Auction 27th March 2014
Rent £92,000 per Annum Exclusive
Status Sold
Price £907,000
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
2.2 miles west of Burnley City Centre, 10 miles east of Blackburn, 26.5 miles north of Manchester, 39 miles west of Leeds
Roads
A679, A646, M65 (Junction 10)
Rail
Burnley Barracks
Air
Leeds Bradford Airport (24 miles) Manchester Airport (31 miles)
Situation
The property is situated in a prominent corner location on the eastern side of Barracks Road (B6239) at its junction with Accrington and just off the M65 (Jct 10). The property lies adjacent to Travelodge Hotel, opposite Jennings and The Angel public houses and close to Burnham Business Centre.
Tenure
Freehold.
Location
Miles
2.2 miles west of Burnley City Centre, 10 miles east of Blackburn, 26.5 miles north of Manchester, 39 miles west of Leeds
Roads
A679, A646, M65 (Junction 10)
Rail
Burnley Barracks
Air
Leeds Bradford Airport (24 miles) Manchester Airport (31 miles)
Situation
The property is situated in a prominent corner location on the eastern side of Barracks Road (B6239) at its junction with Accrington and just off the M65 (Jct 10). The property lies adjacent to Travelodge Hotel, opposite Jennings and The Angel public houses and close to Burnham Business Centre.
Tenure
Freehold.
Description
The property comprises a single storey self-contained health club.
The property benefits from a large on-site car park and a total approximate site area of 0.6225 hectares (1.54 acres).
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a single storey self-contained health club.
The property benefits from a large on-site car park and a total approximate site area of 0.6225 hectares (1.54 acres).
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Health Club
1,248.61 sq m
(13,440 sq ft)
COMPETITION LINE (UK) LIMITED (t/a Lifestyle Fitness) (1)
25 years from 20/06/2013 until 19/06/2038 on a full repairing and insuring lease (2)
£92,000 rising to £104,089.56 in 2018 (3) (4)
20/06/2018 and five yearly
Totals
1,248.61 sq m
(13,440 sq ft)
£92,000 rising to £104,089.56 in 2018
(1) Trading from 49 branches in the UK, Competition Line are a family run business and the UK leader in the field of fitness facility income sharing with 25 years’ experience in the industry. (Source: www.lifestylefitness.co.uk 28.02.2014) (2) The lease provides a tenant option to determine on the tenth and twentieth anniversary of the term subject to 9 months’ written notice. (3) Competition Line (UK) Limited is currently benefiting from a concessionary rent period due to expire on 19th June 2015. The seller has agreed to adjust the completion monies so that the unit will effectively produce £92,000 p.a.x. from completion of the sale. (4) The lease provides five yearly fixed uplifts. The rent will therefore increase as follows: to £104,089.56 p.a.x in 2018, to £117,767.78 p.a.x in 2023, to £133,243.43 p.a.x in 2028 and to £150,752.71 p.a.x in 2033.
