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 rent reviews thereafter
Prominent location adjacent to Priory Heights residential development on the well established Slough Trading Estate
Six Week Completion Available (subject to obtaining Landlord consent)
Lot 22
Auction 10th July 2012
Rent £275,333 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
3.5 miles west of Slough town centre, 5 miles north-west of Windsor, 25 miles west of Central London
Roads
A4 Bath Road, M4 (Junction 7), M25 (Junction 15)
Rail
Burnham Railway Station, Slough Railway Station
Air
Heathrow International Airport
Situation
The property is situated on Buckingham Avenue, one of the main thoroughfares on the Slough Trading Estate which is home to over 400 businesses. The property also benefits from being adjacent to the Priory Heights residential development, and a short walking distance of Burnham Railway Station.
Tenure
Long Leasehold. Held from Slough Trading Estate Limited for a term of 125 years from 17th May 1993 at a peppercorn rent.
Location
Miles
3.5 miles west of Slough town centre, 5 miles north-west of Windsor, 25 miles west of Central London
Roads
A4 Bath Road, M4 (Junction 7), M25 (Junction 15)
Rail
Burnham Railway Station, Slough Railway Station
Air
Heathrow International Airport
Situation
The property is situated on Buckingham Avenue, one of the main thoroughfares on the Slough Trading Estate which is home to over 400 businesses. The property also benefits from being adjacent to the Priory Heights residential development, and a short walking distance of Burnham Railway Station.
Tenure
Long Leasehold. Held from Slough Trading Estate Limited for a term of 125 years from 17th May 1993 at a peppercorn rent.
Description
The property comprises a purpose built health club over ground and two upper floors which includes a pool, a gymnasium, 4 squash courts, exercise room, cafe bar and conference facilities/meeting rooms. The property benefits from on-site car parking for approximately 95 cars and an approximate site area 0.48 hectares (1.19 acres).
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 purpose built health club over ground and two upper floors which includes a pool, a gymnasium, 4 squash courts, exercise room, cafe bar and conference facilities/meeting rooms. The property benefits from on-site car parking for approximately 95 cars and an approximate site area 0.48 hectares (1.19 acres).
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 & Second
Health Club
2,140.59 q m
(23,042 sq ft)
LA LEISURE LTD(t/a LA Fitness) guaranteedby LA Fitness Ltd and MOPAcquisitions (LAF) Ltd (1)
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
£275,333
21/06/2016 and 5 yearly thereafter (2)
Totals
2,140.59 sq m
(23,042 sq ft)
£275,333
(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 8/06/2012). For the year ending 31st October 2011, LA Leisure Ltd reported a turnover of £88,746,988, pre-tax profits of £411,170 and a total net worth of £4,612,030. LA Fitness Ltd (one of the guarantors) reported a pre-tax profit of £3,437,500 and a total net worth of £14,486,897. (Source: www.riskdisk.com 8/06/2012) (2)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 £319,194 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.
