Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
First
|
Health Club |
2,436.4 sq m |
(26,226 sq ft) |
LA LEISURE LIMITED (t/a LA
Fitness) Guaranteed by LA
FITNESS LTD & MOP ACQUISITIONS (LAF) LTD (1) (2) |
35 years from 21/06/2006
until 20/06/2041 on a full
repairing and insuring lease |
£421,679 (3) |
21/06/2016
and 5 yearly
thereafter |
| Totals |
|
2,436 sq m |
(26,226 sq ft) |
|
|
£421,679 |
(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 21/06/2012). For the year ending 31/10/2011, 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 reported pre-tax profits of £3,437,500 and a net worth of £14,486,897. (Source: www.riskdisk.com 26/06/2012)
(2) We understand that a hairdresser, a beauty therapist, a physiotherapist and outside parties running the crèche use the facilities through a separate agreement
with the tenant.
(3) Under the terms of the lease the rent review in 2016 is fixed to the passing rent plus 15.93%. The rental income will therefore increase to £488,852 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.
