80 Lichfield Road Walsall West Midlands WS9 9NT

80 Lichfield Road
Walsall
West Midlands
WS9 9NT

Well Secured Freehold Leisure Investment Opportunity

Let to Greenwich Leisure Limited until June 2039 (approximately 22 years unexpired)
Current rebased passing rent equates to £6.54 per sq ft overall
Benefits from on-site car parking for approximately 40 cars with additional parking provided to the rear
Approximate site area of 0.30 hectares (0.75 acres)
Prominently located on busy arterial route
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
19
Auction
30th March 2017
Rent
£153,000 per Annum Exclusive
Status
Sold
Price
£2,195,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund

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Well Secured Freehold Leisure Investment Opportunity

Let to Greenwich Leisure Limited until June 2039 (approximately 22 years unexpired)
Current rebased passing rent equates to £6.54 per sq ft overall
Benefits from on-site car parking for approximately 40 cars with additional parking provided to the rear
Approximate site area of 0.30 hectares (0.75 acres)
Prominently located on busy arterial route
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 19
Auction 30th March 2017
Rent £153,000 per Annum Exclusive
Status Sold
Price £2,195,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund

Property Information

Location

Miles: 4 miles north-east of Walsall town centre, 6 miles north-west of Sutton Coldfield, 12 miles north of Birmingham City Centre
Roads: A461, A452, M6, M6 Toll
Rail: Walsall Railway Station (Approx 23 minutes to Birmingham New Street)
Air: Birmingham International Airport

Situation

The property is prominently situated on the south side of the busy Lichfield Road (A461), close to its junction with the B4152 in the heart of Walsall Wood. Walsall Wood is a predominantly residential area, with the vast majority of the local commercial offer situated at the junction of Lichfield Road and theB4152. Neighbouring the property on one side is a car showroom and the other a retail parade anchored by The Original Factory Shop, with other nearby occupiers including Co-operative Food, Cooperative Pharmacy and KFC.

Tenure

Freehold.

Location

Miles: 4 miles north-east of Walsall town centre, 6 miles north-west of Sutton Coldfield, 12 miles north of Birmingham City Centre
Roads: A461, A452, M6, M6 Toll
Rail: Walsall Railway Station (Approx 23 minutes to Birmingham New Street)
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial, detached building constructed circa 1980 and is arranged over lower ground, ground, first and second floors. The ground and first floors provide the main fitness centre and comprise a reception, customer lounge, two floors of open plan gym accommodation, two fitness studios, beauty/treatment room, spa, male and female changing facilities and ancillary offices. The lower ground floor provides an additional exercise studio and the second floor provides additional office accommodation. The property benefits from on-site car parking for approximately 40 cars with additional parking provided to the rear and a substantial site area of approximately 0.30 hectares (0.75 acres). Principal vehicular and pedestrian access is from Lichfield Road (A461).

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 Lower Ground First Second	Health and Fitness Club	1,102.66 sq m 117.52 sq m 895.59 sq m 70.14 sq m	(11,869 sq ft) (1,265 sq ft) (9,640 sq ft) (755 sq ft)	GREENWICH LEISURE LIMITED (1) ON ASSIGNMENT FROM FITNESS FIRST CLUBS LIMITED	35 years from 25/06/2004 until 24/06/2039 on a full repairing and insuring lease	£153,930	The rent will increase to £178,448 p.a.x on 25/06/2019 and to the greater of £206,870 p.a.x or open market rental value on 25/06/2024 and five yearly thereafter
Totals		2,185.91 sq m	(23,529 sq ft)			£153,930

(1) Better is the trading name of GLL (Greenwich Leisure Limited) and operates over 250 facilities in partnership with more than 40 local councils across the UK, including gyms, swimming pools, leisure facilities, libraries and community spaces. GLL has over 10,500 staff members and in excess of 40 million customers a year and has been in operation since 1993. GLL is widely acknowledged to be the UK’s leading charitable social enterprise delivering leisure, health, cultural and community faciltities. Greenwich Leisure Limited is a charitable social enterprise and registered society under the Co-operative & Community Benefit & Societies Act 2014 registration no. 27793R and registered charity number XR43398.
For the year ending 31st December 2015, Greenwich Leisure Limited reported net assets of £10,788,282. Income turnover in 2015 was reported at £215m.
For further information visit: www.gll.org/b2b/pages/financial-statement