Modern Leisure Investment with Asset Management Opportunity
Three leisure units forming part of the established scheme known as The Loom
Let to tenants trading as Nando's and Anytime Fitness
Adjacent to Tesco Extra and Cineworld
Busy location off Spinning Jenny Way (A578)
Proposal to develop 202 new homes south of the adjacent canal with a connecting footbridge between the two sites
Lot 8
Auction 12th February 2020
Rent £123,300 per Annum Exclusive
Status Sold
Price £1,480,000
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On behalf of LaSalle
Property Information
Location
Miles
14 miles west of Manchester
10 miles north-east of Warrington
Roads
A579, A578, A580
Air
Manchester Airport
Situation
Leigh is a busy commuter town located 14 miles west of Manchester city centre. The property is situated within the popular scheme known as The Loom, which occupies a prominent position on the busy Spinning Jenny Way, opposite the Spinning Gate Shopping Centre within the town centre. The Loom is home to a Tesco Extra, petrol filling station, Cineworld and Sports Direct, with a dedicated 800 space customer car park. Immediately to the south of the property, a planning application to develop 202 new homes south of the adjacent canal has been submitted, with a proposed possible footbridge connecting the development to The Loom. Further information can be found at https://planning.wigan.gov.uk/ REF: A/15/80681/OUTMAJ & A/18/86507/VARMAJ.
Tenure
Long Leasehold. Held from 18/12/2019 for a term of 250 years at a peppercorn rent.
Location
Miles
14 miles west of Manchester
10 miles north-east of Warrington
Roads
A579, A578, A580
Air
Manchester Airport
Situation
Leigh is a busy commuter town located 14 miles west of Manchester city centre. The property is situated within the popular scheme known as The Loom, which occupies a prominent position on the busy Spinning Jenny Way, opposite the Spinning Gate Shopping Centre within the town centre. The Loom is home to a Tesco Extra, petrol filling station, Cineworld and Sports Direct, with a dedicated 800 space customer car park. Immediately to the south of the property, a planning application to develop 202 new homes south of the adjacent canal has been submitted, with a proposed possible footbridge connecting the development to The Loom. Further information can be found at https://planning.wigan.gov.uk/ REF: A/15/80681/OUTMAJ & A/18/86507/VARMAJ.
Tenure
Long Leasehold. Held from 18/12/2019 for a term of 250 years at a peppercorn rent.
Description
The property comprises three well configured ground floor units, which are currently arranged to provide two restaurant units and a gym. The property benefits from rights to parking.
VAT
VAT is applicable to this lot.
EPC
Available to download at acuitus.co.uk
Description
The property comprises three well configured ground floor units, which are currently arranged to provide two restaurant units and a gym. The property benefits from rights to parking.
VAT
VAT is applicable to this lot.
EPC
Available to download at acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Units 1 & 2
Ground
Gym
483.37 sq m
(5,203 sq ft)
CBBWELLNESS LIMITED t/a Anytime Fitness (1)
15 years from 31/10/2016 until 30/10/2031 (2)
£55,000
31/10/2021 and 31/10/2026
Unit 3
Ground
Restaurant
326.18 sq m
(3,511 sq ft)
NANDO’S CHICKENLAND LIMITED (3)
20 years from 18/01/2012 until 17/01/2032 (4)
£68,300
18/01/2022 and 18/01/2027
Unit 4
Ground
Restaurant
384.15 sq m
(4,135 sq ft)
VACANT POSSESSION (5)
Total
1,193.70 sq m
(12,849 sq ft)
£123,300
(1) Anytime Fitness opened its first club 16 years ago in Minnesota, USA and is now the world's largest health chain with 4,000+ clubs open in 33 countries and growing (Source: www.anytimefitness.co.uk/own-a-gym). (2) The lease provides an option to determine on 30/10/2026, subject to 12 months' notice. (3) Nando's has 410 restaurants in the UK and Ireland, with further stores internationally (Source: www.nandos.co.uk). (4) The lease provides an option to determine on 18/01/2027, subject to 6 months' notice. (5) The property was previously let to City Centre Restaurants (UK) Limited t/a Frankie & Benny's, who vacated the property in 2019.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Associate Auctioneers
Metis Real Estate Northern Assurance Buildings, 9-21 Princess Street Manchester M2 4DN
