Entirely let to LA Leisure Limited (t/a LA Fitness) guaranteed by LA Fitness plc until 2038
Situated in an affluent residential area
Large car park for approximately 77 cars
Total approximate site area of 0.409 hectares (1.01 acres)
Future Redevelopment Potential (subject to consents)
Six Week Completion Available
Lot 7
Auction 21st March 2013
Rent £190,754 per Annum Exclusive
Status Sold
Price £1,330,000
Sector Leisure
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
Property Information
Location
Miles
8 miles south of Southport, 13.5 miles north of Liverpool, 39 miles east of Manchester
Roads
A565, M57, M58
Rail
Formby Rail Station
Air
Liverpool International Airport, Manchester International Airport
Situation
The property is located on the eastern side of Liverpool Road (B5424) to the south of Formby town centre, an affluent residential area, approximately 650 metres from the Formby By Pass (A565).
The property is situated opposite a new two storey office development which is currently under construction; the site was previously granted planning permission for a convenience retail store. A retail parade approximately 100 metres from the property provides retailers such as Bargain Booze, The Post Office and Formby Decorating Centre.
Tenure
Freehold.
Location
Miles
8 miles south of Southport, 13.5 miles north of Liverpool, 39 miles east of Manchester
Roads
A565, M57, M58
Rail
Formby Rail Station
Air
Liverpool International Airport, Manchester International Airport
Situation
The property is located on the eastern side of Liverpool Road (B5424) to the south of Formby town centre, an affluent residential area, approximately 650 metres from the Formby By Pass (A565).
The property is situated opposite a new two storey office development which is currently under construction; the site was previously granted planning permission for a convenience retail store. A retail parade approximately 100 metres from the property provides retailers such as Bargain Booze, The Post Office and Formby Decorating Centre.
Tenure
Freehold.
Description
The property comprises a self-contained health club with a a gym, swimming pool, sauna, steam rooms, treatment rooms and cafe/bar. The property benefits from on-site parking for approximately 77 cars and a total approximate site area of 0.409 hectares (1.01 acres). There is an electricity sub station on site.
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 a gym, swimming pool, sauna, steam rooms, treatment rooms and cafe/bar. The property benefits from on-site parking for approximately 77 cars and a total approximate site area of 0.409 hectares (1.01 acres). There is an electricity sub station on site.
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
Health Club
1,455.80 sq m
(15,670 sq ft)
LA LEISURE LIMITED (t/a LA Fitness) guaranteed by LA FITNESS PLC (1)
35 years from 25/03/2003 until 24/03/2038 on a full repairing and insuring lease
£190,753.77
25/03/2018 and five yearly thereafter
Totals
1,455.80 sq m
(15,670 sq ft)
£190,753.77
(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 200,000 members. (Source: www.lafitness.co.uk 22/02/2013) 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 22/02/2013)
