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
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.
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
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.
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).
