Let to Pure Gym Limited until 2028 (subject to option)
Located in established leisure location within the 130 acre Debdale Park & Reservoir
Five Yearly RPI linked rent review
Nearby occupiers include Holiday Inn Express, a 24-hour McDonald’s and the Bandstand Public House
Lot 17
Auction 11th December 2014
Rent £144,000 per Annum Exclusive
Status Sold
Price £1,575,000
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
4 miles south-east of Manchester city centre
21 miles north of Macclesfield
37 miles east of Liverpool
Roads
M60, M67, A6, A57
Rail
Ryder Brow Railway Station, Denton Railway Station
Air
Manchester Airport
Situation
The property is situated on Way Wall, off Hyde Road (A57) in Gorton, 3 miles east of Manchester city centre. The property lies in the south-west corner of Debdale Park, a 130 acre park and reservoir providing sports and leisure facilities. Nearby occupiers include Holiday Inn Express, a 24-hour McDonald’s and the Bandstand Public House.
Tenure
Freehold.
Location
Miles
4 miles south-east of Manchester city centre
21 miles north of Macclesfield
37 miles east of Liverpool
Roads
M60, M67, A6, A57
Rail
Ryder Brow Railway Station, Denton Railway Station
Air
Manchester Airport
Situation
The property is situated on Way Wall, off Hyde Road (A57) in Gorton, 3 miles east of Manchester city centre. The property lies in the south-west corner of Debdale Park, a 130 acre park and reservoir providing sports and leisure facilities. Nearby occupiers include Holiday Inn Express, a 24-hour McDonald’s and the Bandstand Public House.
Tenure
Freehold.
Description
The property comprises a standalone building over ground and mezzanine levels providing a 24/7 health club/gym complete with exercise studios, changing rooms, consultation/assessment rooms and a large open plan gym and workout zone. The property benefits from an approximate site area of 0.63 hectares (1.58 acres) which includes on-site car parking.
Six Week Completion
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 standalone building over ground and mezzanine levels providing a 24/7 health club/gym complete with exercise studios, changing rooms, consultation/assessment rooms and a large open plan gym and workout zone. The property benefits from an approximate site area of 0.63 hectares (1.58 acres) which includes on-site car parking.
Six Week Completion
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 Mezzanine
Health Club/Gym Health Club/Gym
1,221.39 sq m 672.80 sq m
(13,147 sq ft) (7,242 sq ft)
PURE GYM LIMITED (1)
15 years from 02/09/2013 until 01/09/2028 on a full repairing and insuring lease (2)
£144,000 (3)
02/09/2018 and five yearly (4)
Totals
1,894.19 sq m
(20,389 sq ft)
£144,000
(1) Pure Gym is one of the UK’s leading budget gym operators with approximately 87 clubs around the UK, with more due to open shortly. They offer cheap gym membership (less than £20 pcm) without the need for a contract or joining fee. For the year ending 31st December 2013, Pure Gym Limited reported a turnover of £39,933,000, pre-tax profits of £2,158,000 and a total net worth of £8,206,000. (Source: www.riskdisk.com 14/11/2014) (2)The lease provides an option to determine at the tenth anniversary of the term. (3)For the purposes of clarification, the tenant is currently benefitting from a rent free period due to expire on 01/03/2015. The seller has agreed to adjust the completion monies so that the unit will effectively produce £144,000 p.a.x. from completion of the sale. (4)The rent reviews are linked to RPI (collared and capped at 1% and 4%)
Contacts
Seller's Solicitors
Irwin Mitchell LLP 40 Holborn Viaduct London EC1N 2PZ
