LA Fitness 9 Webb Ellis Road Rugby Warwickshire CV22 7AU

LA Fitness
9 Webb Ellis Road
Rugby
Warwickshire
CV22 7AU

Substantial Leisure Investment

Entirely let to LA Leisure Limited 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
Occupies a prominent position adjacent to the Rugby Lions RFC, Rugby Lawn Tennis Club and a new residential development
Rent rising to £175,913 p.a.x. in 2016
Six Week Completion Available (subject to obtaining Landlord’s consent)

Lot
13
Auction
18th October 2012
Rent
£151,741 per Annum Exclusive
Status
Sold
Price
£1,015,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of Joint LPA Receivers, Jones Lang LaSalle

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Substantial Leisure Investment

Entirely let to LA Leisure Limited 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
Occupies a prominent position adjacent to the Rugby Lions RFC, Rugby Lawn Tennis Club and a new residential development
Rent rising to £175,913 p.a.x. in 2016
Six Week Completion Available (subject to obtaining Landlord’s consent)

Lot 13
Auction 18th October 2012
Rent £151,741 per Annum Exclusive
Status Sold
Price £1,015,000
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: 12 miles east of Coventry, 23 miles north-west of Northampton, 35 miles south-east of Birmingham
Roads: M1, M6
Rail: Rugby Rail Station
Air: Coventry Airport, Birmingham International Airport

Situation

The property is situated on the north side of Webb Ellis Road, accessed via Bilton Road (B4642), approximately 0.75 miles south-west of Rugby town centre.
The property is located in a predominantly residential area and lies adjacent to Rugby Lions RFC and a major new housing estate.

Tenure

Long Leasehold. Held from Rugby Borough Council for a term of 125 years less 10 days from 30th October 1983, until 2108 at a peppercorn rent.

Location

Miles: 12 miles east of Coventry, 23 miles north-west of Northampton, 35 miles south-east of Birmingham
Roads: M1, M6
Rail: Rugby Rail Station
Air: Coventry Airport, Birmingham International Airport

Situation

Tenure

Long Leasehold. Held from Rugby Borough Council for a term of 125 years less 10 days from 30th October 1983, until 2108 at a peppercorn rent.

Description

The property, a self-contained health club, comprises a series of modern buildings, within which are a gym and swimming pool over ground and first floors. The property benefits from a large on-site car park for approximately 109 cars and a total approximate site area of 0.838 hectares (2.07 acres). There is an electricity substation on site.

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

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	1,610.00 sq m	(17,330 sq ft)	LA LEISURE LIMITED(t/a LA Fitness) Guaranteed byLA FITNESS LTD & MOPACQUISITIONS (LAF) LTD (1) (2)	35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease	£151,741	21/06/2016 and 5 yearly thereafter (3)
Totals		1,610.00 sq m	(17,330 sq ft)			£151,741

(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 26/07/2012)
(2) ‘Touch of Grace Beauty’ and a physiotherapist are occupying a room each in the premises.
(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 £175,913 p.a.x. in 2016. Subsequent reviews are RPI linked subject to a minimum of 1.5% and a maximum of 3.0% per annum.