Entirely let to LA Leisure Ltd (t/a LA Fitness) guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd, until 2041
Fixed rental uplift in 2016 with RPI linked five yearly reviews thereafter
Located in affluent Surrey suburb
Adjacent to Merrow Lawn Tennis Club, Merrow Cricket Club and Clandon Golf Club
Six Week Completion Available
Lot 6
Auction 10th July 2012
Rent £70,000 per Annum Exclusive
Status Sold
Price £690,000
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
2 miles north-east of Guildford town centre, 39 miles south-west of London city centre, 28 miles south-east of Reading
Roads
A3, M25 (Junction 10)
Rail
London Road (Guildford) and Guildford Railway Stations
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is situated adjacent to Merrow Lawn Tennis Club, Merrow Cricket Club and Clandon Golf Club, some 2 miles east of Guildford city centre and accessed via Epsom Road (A246).
Tenure
Freehold.
Location
Miles
2 miles north-east of Guildford town centre, 39 miles south-west of London city centre, 28 miles south-east of Reading
Roads
A3, M25 (Junction 10)
Rail
London Road (Guildford) and Guildford Railway Stations
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is situated adjacent to Merrow Lawn Tennis Club, Merrow Cricket Club and Clandon Golf Club, some 2 miles east of Guildford city centre and accessed via Epsom Road (A246).
Tenure
Freehold.
Description
The property comprises a self-contained health club with a gym, changing rooms, squash courts and swimming pool on ground floor, a bar and treatment rooms on first floor. The property also benefits from an on-site car parking for approximately 40 cars and a total approximate site area of 0.2 hectares (0.5 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 with a gym, changing rooms, squash courts and swimming pool on ground floor, a bar and treatment rooms on first floor. The property also benefits from an on-site car parking for approximately 40 cars and a total approximate site area of 0.2 hectares (0.5 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 First
Health Club Health Club
775.29 sq m 154.87 sq m
(8,345 sq ft) (1,667 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
£70,000
21/06/2016 and 5 yearly thereafter (2)
Totals
930.16 sq m
(10,012 sq ft)
£70,000
(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 08/06/2012) For the year ending 31st December 2011, LA Leisure Ltd reported a turnover of £88,746,988, pre-tax profits of £411,170 and a net worth of £4,612,030. LA Fitness Ltd (one of the guarantors) reported pre-tax profits of £3,437,500 and a net worth of £14,486,897. (Source: www.riskdisk.com 08/06/2012) (2) Mount Alvernia Hospital is currently occupying a treatment room. (3) Under the terms of the lease the rent review in 2016 is fixed to the passing rent plus 15.93%. Rental income will therefore increase to £81,151 p.a.x. in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.
