Life Nightclub & Fitness First Health Club/Gym Humberstone Gate Leicester Leicestershire LE1 3PJ

Life Nightclub & Fitness First Health Club/Gym
Humberstone Gate
Leicester
Leicestershire
LE1 3PJ

Freehold Leisure Investment

Entire property let to Atmosphere Bars and Clubs Limited until 2037 (subject to option)
Current rent of ?218,000 p.a.x. with fixed increase to ?250,700 p.a.x. in 2015
Substantial building in city centre location
Nearby occupiers include Sainsbury's, H&M, Boots and Somerfield

Lot
24
Auction
27th May 2010
Rent
£218,000 per Annum
Status
Withdrawn Prior
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

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Freehold Leisure Investment

Entire property let to Atmosphere Bars and Clubs Limited until 2037 (subject to option)
Current rent of ?218,000 p.a.x. with fixed increase to ?250,700 p.a.x. in 2015
Substantial building in city centre location
Nearby occupiers include Sainsbury's, H&M, Boots and Somerfield

Lot 24
Auction 27th May 2010
Rent £218,000 per Annum
Status Withdrawn Prior
Price
Sector
Leisure
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

Property Information

Location

Estimated District Population: 289,700 (City of Leicester); 441,213 (Leicester Urban Area)
Miles: ?25 miles north-east of Coventry; 44 miles north-east of Birmingham; 89 miles north-west of London
Roads: M1, M6
Rail: Leicester Railway Station
Air: East Midlands Airport

Situation

The property is situated in a prominent corner location in the heart of the city centre on Humberstone Gate, at its junction with St James Street next to Sainsbury's. Other nearby occupiers include H&M, Boots, TK Maxx and Somerfield.

Tenure

Freehold.

Location

Estimated District Population: 289,700 (City of Leicester); 441,213 (Leicester Urban Area)
Miles: ?25 miles north-east of Coventry; 44 miles north-east of Birmingham; 89 miles north-west of London
Roads: M1, M6
Rail: Leicester Railway Station
Air: East Midlands Airport

Situation

Tenure

Freehold.

Description

The property comprises a NIGHTCLUB which occupies the majority of the ground floor with ANCILLARY/OFFICE ACCOMMODATION on part first and a FITNESS CLUB which occupies the remainder of the building over ground, first and second floors. The property benefits from on-site car parking to the rear. The entire site area extends to some 0.148 hectares (0.365 acres). VATVAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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 First Ground First Second	Nightclub Nightclub/Office Fitness Club (4) Fitness Club (4) Fitness Club (4)	1,001.5 sq m 1,343.0 sq m 37.8 sq m 1,006.3 sq m 238.8 sq m	(10,778 sq ft) (14,450 sq ft) (407 sq ft) (10,830 sq ft) (2,570 sq ft)	ATMOSPHERE BARS AND CLUBS LIMITED (1)(4) (guaranteed by ATMOSPHERE TOPCO LTD) (t/a LIFE)	30 years from 19/01/2007 until 18/01/2037 on a full repairing and insuring lease (2)	£218,000	26/02/2015 and 5 yearly thereafter (3)
Totals		3627.4 sq m	(1,355 sq ft)			£218,000

(1)?Atmosphere Bars and Clubs is one of the UK's leading operators of late night bars targeting the 25 to 40 year old market. Atmosphere's sites are located in medium to large towns throughout England and Wales and the company's main objective is to ensure that its customers enjoy the ultimate party atmosphere when they visit. The company operates 31 sites, 22 of which trade under the Chicago Rock Caf?? brand name and 9 of which are clubs trading under various brand names. (2)?Please note the lease is subject to a schedule of condition and a mutual option to determine on 25th February 2035 subject to 6 months' prior written notice. (3)?As to the rent review in 2015, the lease provides for a fixed increase in rent to ?250,700 p.a.x. The following reviews are upwards only to Open Market Rental Value. (4)?Sub-let to FItness First for Women Ltd, guaranteed by Fitness First Limited, for a term of 23 years from 5th May 2000 until 4th May 2023 on a full repairing and insuring lease subject to upward only rent reviews in 2013 and five yearly thereafter. For the year ending 31st October 2008, Fitness First Limited reported a turnover of ?27,545,000, a pre-tax profit of ?34,899,000 and a total net worth of ?443,793,000. (Source: www.riskdisk.com 28/04/2010)