Entirely let to LA Leisure Ltd (t/a LA Fitness) guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd, until 2041
City centre location
Close to Westfield Shopping Centre and London Road Community Hospital
Approximate site area of 0.40 hectares (1.00 acres)
On-site car park for approximately 53 cars
Six Week Completion Available
Rent rising to £89,241.38 in 2016
Lot 7
Auction 7th July 2011
Rent £76,978 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Behalf of Joint LPA Receivers, Jones Lang LaSalle
Property Information
Location
Miles
16 miles west of Nottingham, 38 miles east of Stoke-on-Trent, 32 miles north of Leicester
Roads
A52, M1 (Junction 25)
Rail
Derby Rail Station
Air
Nottingham East Midlands Airport
Situation
The property is situated in a prominent corner location just off London Road (A6) on the southern side of Carrington Street at its junction with Liversage Road. Westfield Shopping Centre lies approximately 150 metres to the north-west and houses retailers such as Debenhams, Marks & Spencer, French Connection and All Saints along with a Showcase Cinema. Other nearby occupiers include London Road Community Hospital, Princess Anne St John Ambulance Training Centre and The Stuart Hotel.
Tenure
Freehold.
Location
Miles
16 miles west of Nottingham, 38 miles east of Stoke-on-Trent, 32 miles north of Leicester
Roads
A52, M1 (Junction 25)
Rail
Derby Rail Station
Air
Nottingham East Midlands Airport
Situation
The property is situated in a prominent corner location just off London Road (A6) on the southern side of Carrington Street at its junction with Liversage Road. Westfield Shopping Centre lies approximately 150 metres to the north-west and houses retailers such as Debenhams, Marks & Spencer, French Connection and All Saints along with a Showcase Cinema. Other nearby occupiers include London Road Community Hospital, Princess Anne St John Ambulance Training Centre and The Stuart Hotel.
Tenure
Freehold.
Description
The property comprises a self-contained health club over ground and first floors including gym and changing rooms, squash courts, swimming pool and bar/lounge. The property also benefits from a separate gymnastics hall to the rear, on-site car parking for approximately 53 cars giving a total approximate site area of 0.40 hectares (1.00 acres).
NB. This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
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 self-contained health club over ground and first floors including gym and changing rooms, squash courts, swimming pool and bar/lounge. The property also benefits from a separate gymnastics hall to the rear, on-site car parking for approximately 53 cars giving a total approximate site area of 0.40 hectares (1.00 acres).
NB. This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
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 and First
Health Club
2,721.4 sq m
(29,293 sq ft)
LA LEISURE LTD (t/a LA Fitness) (1) guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
£76,978.68
21/06/2016 and 5 yearly thereafter (2)
Totals
2,721.4 sq m
(29,293 sq ft)
£76,978.68
(1) Created in 1996, LA Fitness is the trading name of LA Leisure Ltd. LA Fitness is a market leader when it comes to offering a wide range of fitness options. The company trades from 80 clubs in the UK and Ireland and has nearly 220,000 members. (Source: www.lafitness.co.uk 10/06/2011) (2) Under the terms of the lease the rent review in 2016 are fixed to the passing rent plus 15.93%. Rental income will therefore increase to £89,241.38 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% a maximum increase of 3.0% annum.
