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The subject comprises 2 No. trade counter/warehouse units which have been amalgamated and fully let to Competition Line (UK) Ltd trading as Lifestyle Fitness. The units are of steel portal frame construction with brick infill walls to c. 8 ft and cladding to the upper eaves. The pitched roof over is overlaid in insulated metal cladding with perspex light panels. The property is accessed via aluminium glazed entrance doors with single glazed aluminium windows to the front elevation.
Internally the property has been fully fitted by the tenant as a gymnasium and fitness centre providing an extensive range of facilities and ancillary accommodation including 2 No. open plan gym areas, studio, spin room, break out area and offices. Large male and female changing rooms have also been constructed with a sauna and steam room area. LED lighting has been installed throughout with heating provided via an oil fired system and separate air cooling. The facility operates 24/7 with access controlled doors. Externally a communal car park is situated to the front of the building with service yard/road area to the rear.
The property is fully let on a full repairing and insuring basis to Competition Line (UK) Ltd from 11 March 2014 expiring 3 July 2041. The lease provides tenant only break options in July 2026 and July 2036 subject to six months notice in writing.
Passing Rent : £89,408 per annum.
The rent is reviewed on a 5 yearly basis at a fixed increase of 11.76%. The next rent review is 11 March 2024.
A service charge covers maintenance of the common areas and is paid directly by the tenant. Further information is available on request.
We have been advised that the property is held by way of a long leasehold title for a term of 900 years from 18 June 2003. The passing rent is £0.05 per annum (if demanded). Further information is available from the vendors solicitor Murlands Solicitors, Finlay House, 15 English Street, Downpatrick. Contact: Sarah Shannon Tel: 02844 619980 Email: [email protected]
We understand the property is elected for VAT. It is anticipated that a sale could be treated at a transfer of Going Concern (TOGC). Solicitor to confirm.
We are instructed to seek offers in excess of £995,000 (nine hundred and ninety five thousand pounds) exclusive, subject to contact.
A purchase at this level would reflect a net initial yield of 8.5% after allowing for purchasers costs at 5.74%.
EPC - B48
GIA - 19,800 square feet
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