Entirely let to LA Leisure Ltd (t/a LA Fitness) guaranteed by LA Fitness Ltd, until 2041
Fixed rental uplift in 2016 with RPI linked five yearly rent reviews thereafter
City centre location close to Westfield Shopping Centre
On-site car park for approximately 53 cars
Six Week Completion
Rent £76,979 per annum exclusive (rising to £89,241 in 2016)
Lot 47
Auction 11th July 2013
Rent £76,979 per Annum Exclusive
Status Sold Prior
Price
Sector Leisure
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of joint LPA Receivers Jones Lang LaSalle
Property Information
Location
Miles
16 miles west of Nottingham,38 miles east of Stoke-on-Trent, 32 miles north of Leicester
Roads
A52, M1 (Junction 25)
Rail
Derby Rail Station
Air
Nottingham East Midlands Airport
Situation
The property is situated in a prominent corner location just off London Road (A6) on the southern side of Carrington Street at its junction with Liversage Road. Westfield Shopping Centre lies approximately 150 metres to the north-west and houses retailers such as Debenhams, Marks & Spencer, French Connection and All Saintsalong with a Showcase Cinema. Other nearby occupiers include London Road Community Hospital, Princess Anne St John Ambulance Training Centre and The Stuart Hotel.
Tenure
Freehold.
Location
Miles
16 miles west of Nottingham,38 miles east of Stoke-on-Trent, 32 miles north of Leicester
Roads
A52, M1 (Junction 25)
Rail
Derby Rail Station
Air
Nottingham East Midlands Airport
Situation
The property is situated in a prominent corner location just off London Road (A6) on the southern side of Carrington Street at its junction with Liversage Road. Westfield Shopping Centre lies approximately 150 metres to the north-west and houses retailers such as Debenhams, Marks & Spencer, French Connection and All Saintsalong with a Showcase Cinema. Other nearby occupiers include London Road Community Hospital, Princess Anne St John Ambulance Training Centre and The Stuart Hotel.
Tenure
Freehold.
Description
The property comprises a self-contained health club over ground and first floors including gym and changing rooms, squash courts, swimming pool and bar/lounge. The property also benefits from a separate gymnastics hall to the rear, on-site car parking for approximately 53 cars and a total approximate site area of 0.40 hectares(1.00 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 self-contained health club over ground and first floors including gym and changing rooms, squash courts, swimming pool and bar/lounge. The property also benefits from a separate gymnastics hall to the rear, on-site car parking for approximately 53 cars and a total approximate site area of 0.40 hectares(1.00 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 and First
Health Club
2,546 sq m
(27,406 sq ft)
LA LEISURE LTD (t/a LA Fitness) (1) guaranteed by LA Fitness Ltd
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
£76,979
21/06/2016 and 5 yearly thereafter (2)
Totals
2,546 sq m
(27,406 sq ft)
£76,979
(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 06/06/2013. 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 06/06/2013) (2) Under the terms of the lease the rent review in 2016 are fixed to the passing rent plus 15.93%. Rental income will therefore increase to £89,241 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.
