LA Fitness, Witham Park House, Witham Park Waterside South Lincoln Lincolnshire LN5 7JN

LA Fitness, Witham Park House, Witham Park
Waterside South
Lincoln
Lincolnshire
LN5 7JN

Long Let Leisure Investment in Established Business Location

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
Let off a low rent of £4.65 per sq ft
Six Week Completion Available

Lot
47
Auction
6th December 2012
Rent
£131,844 per Annum Exclusive
Status
Sold
Price
£780,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Long Let Leisure Investment in Established Business Location

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
Let off a low rent of £4.65 per sq ft
Six Week Completion Available

Lot 47
Auction 6th December 2012
Rent £131,844 per Annum Exclusive
Status Sold
Price £780,000
Sector
Leisure
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 30 miles north-east of Nottingham, 37 miles south of Scunthorpe, 40 miles south-east of Sheffield
Roads: A1, M180
Rail: Lincoln Mainline Rail Station
Air: East Midlands Airport

Situation

The property is situated in an established business location to the south-east of
the city centre within walking distance of Lincoln Mainline Rail Station and Lincoln University. The property is accessed from Kesteven Street via Canwick Road (A15) which provides direct access to Lincoln city centre, Peterborough and the M180. Other occupiers include Lincs FM, Anglian Water and the County Council.

Tenure

Virtual Freehold. Virtual Freehold. Held for a term of 999 years under two leasehold interests from 23rd February 1999 at a fixed rent of £1 per annum.

Location

Miles: 30 miles north-east of Nottingham, 37 miles south of Scunthorpe, 40 miles south-east of Sheffield
Roads: A1, M180
Rail: Lincoln Mainline Rail Station
Air: East Midlands Airport

Situation

Tenure

Virtual Freehold. Virtual Freehold. Held for a term of 999 years under two leasehold interests from 23rd February 1999 at a fixed rent of £1 per annum.

Description

The health club comprises a swimming pool, crèche, sauna, gym, spa, two studios and treatment rooms arranged over ground, first and second floor, forming part of a larger building that has been subdivided into several independent demises. There is substantial car parking to the front of the property.

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 Second	Health & Fitness Club	1,140 sq m 1,103 sq m 393 sq m	(12,271.26 sq ft) (11,872.98 sq ft) (4,230.36 sq ft)	LA LEISURE LIMITED (t/a LA Fitness) Guaranteed by LA FITNESS LTD & MOP ACQUISITIONS (LAF) LTD (1)	35 years from and including 21/06/2006 until 20/06/2041 on a full repairing and insuring lease	£131,844	21/06/2016 and 5 yearly thereafter (2)
Totals		2,636 sq m	(28,375 sq ft)			£131,844