Sports Direct Gym Weaver Road Lincoln Lincolnshire LN6 3QN

Sports Direct Gym
Weaver Road
Lincoln
Lincolnshire
LN6 3QN

Freehold Leisure Investment

Let SDI Fitness (Lincoln South West) Limited with guarantee from Sports Direct International Plc (see footnote 2)
Lease expires November 2036 (no breaks)
Approximately 23,169 sq ft on 2.02 acre site
Car parking for approximately 138 cars
Future redevelopment or change of use potential (subject to lease and consents)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
12
Auction
13th October 2016
Rent
£200,000 per Annum Exclusive
Status
Sold
Price
£1,647,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold Leisure Investment

Let SDI Fitness (Lincoln South West) Limited with guarantee from Sports Direct International Plc (see footnote 2)
Lease expires November 2036 (no breaks)
Approximately 23,169 sq ft on 2.02 acre site
Car parking for approximately 138 cars
Future redevelopment or change of use potential (subject to lease and consents)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 12
Auction 13th October 2016
Rent £200,000 per Annum Exclusive
Status Sold
Price £1,647,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 34 miles north-east of Nottingham, 45 miles south-east of Sheffield
Roads: A46
Rail: Hykeham Railway Station
Air: East Midlands Airport

Situation

The property is situated on the south-west edge of the City of Lincoln, just inside the A46 ring road, about 4 miles from the City Centre. The property is located at the junction of Kingsley Road and Whisby Road, with Weaver Road leading from Kingsley Road and providing access to the property. The property is located in a mixed residential and commercial location with offices, car showrooms, leisure and other use classes all located close by. Occupiers in the area include Hotel Ibis Lincoln, Frankie & Benny's and Mercedes-Benz, Land Rover, Nissan, Toyota, Volvo and Skoda car showrooms.

Tenure

Freehold.

Location

Miles: 34 miles north-east of Nottingham, 45 miles south-east of Sheffield
Roads: A46
Rail: Hykeham Railway Station
Air: East Midlands Airport

Situation

Tenure

Freehold.

Description

The property comprises a purpose built health club which provides a reception, weights area, spinning studio, main gym studio, café, jacuzzi, beauty treatment rooms, swimming pool and dance fitness studio. The car park provides parking for approximately 138 cars. The site extends to 2.02 acres.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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	Health Club	1,623.71 sq m 528.69 sq m	(17,478 sq ft) (5,691 sq ft)	SDI FITNESS (LINCOLN SOUTH WEST) LIMITED(1) WITH A GUARANTEE FROM SPORTS DIRECT INTERNATIONAL PLC (2)	35 years from 23/11/2001 until 22/11/2036 on a full repairing and insuring lease	£200,000	23/11/2021 and five yearly thereafter
Totals		2,152.40 sq m	(23,169 sq ft)			£200,000

(1) Sports Direct Fitness is the leisure division of Sports Direct, the UK's leading sports retailer and currently has 31 fitness clubs throughout the UK (Source: www.sportsdirectfitness.com 05/09/2016).
(2) The lease is guaranteed by Sports Direct International Plc until 21st July 2019 only (subject to earlier release of the tenant pursuant to the Landlord & Tenant (Covenants) Act 1995). For the year ending 26th April 2015, Sports Direct International Plc reported a turnover of £2,832,560,000, pre-tax profits of £313,446,000 and a total net-worth of £908,997,000 (Source: Experian Group 05/09/2016).