Majority let on a new 10 year lease to Dream Fitness Limited (subject to option)
Prominent location on High Street
Located adjacent to Iceland and a large Morrisons Supermarket car park
Other nearby occupiers include Natwest, Lloyds, HSBC and Barclays Banks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 84
Auction 7th July 2016
Rent £76,750 per Annum Exclusive
Status Sold
Price £630,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On behalf of Receivers at CBRE
Property Information
Location
Miles
7 miles south-east of Chichester, 24 miles west of Brighton, 37 miles south of Guildford
Roads
A3, A27, A280
Rail
Bognor Regis Railway Station
Air
London Gatwick Airport
Situation
The property is situated at the western end of the High Street close to it's junction with Bedford Street. The location of the property benefits from pedestrian flow between the Morrisons car park located adjacent to the property and the pedestrianised London Road, the town's principal retailing thoroughfare. Nearby occupiers include Morrisons Supermarket, Iceland, William Hill and several banks.
Tenure
Freehold.
Location
Miles
7 miles south-east of Chichester, 24 miles west of Brighton, 37 miles south of Guildford
Roads
A3, A27, A280
Rail
Bognor Regis Railway Station
Air
London Gatwick Airport
Situation
The property is situated at the western end of the High Street close to it's junction with Bedford Street. The location of the property benefits from pedestrian flow between the Morrisons car park located adjacent to the property and the pedestrianised London Road, the town's principal retailing thoroughfare. Nearby occupiers include Morrisons Supermarket, Iceland, William Hill and several banks.
Tenure
Freehold.
Description
The property comprises a three storey building arranged as two units. 62-64 High Street provides a 24/7 health club/gym complete with exercise studios, a large open plan gym and workout zone over part ground, first and second floors. 64 High Street comprises a ground floor cafe.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a three storey building arranged as two units. 62-64 High Street provides a 24/7 health club/gym complete with exercise studios, a large open plan gym and workout zone over part ground, first and second floors. 64 High Street comprises a ground floor cafe.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
62-64
Ground First Second
Health Club/Gym Health Club/Gym Health Club/Gym
157.74 sq m 282.88 sq m 280.10 sq m
(1,698 sq ft) (3,045 sq ft) (3,015 sq ft)
DREAM FITNESS LIMITED (1)
10 years from 28/05/2016 (2)
£50,000 (3)
28/05/2021 (27/05/2026)
64
Ground
Café
161.18 sq m
(1,735 sq ft)
INDIVIDUAL t/a Poppins Café
10 years from 09/08/2011 (4)
£26,750
09/08/2016 (07/08/2021)
Total
881.90 sq m
(9,493 sq ft)
£76,750
(1) Dream Fitness is a 24 hour gym with membership available from around £15 per calendar month. (Source: www.dream-fitness.com) (2) The lease provides for a tenant option to determine on 28th May 2021. (3) The tenant is currently benefiting from a 3 month rent free period expiring 27th August 2016. The seller has agreed to adjust the completion monies so the unit will produce £50,000 p.a.x from completion of the sale. (4) The lease was subject to a tenant option to determine in August 2016 which was not exercised by the tenant.
