Ground and basement let to LA Leisure Limited (t/a LA Fitness) guaranteed by LA Fitness plc until 2037
Prime central London location just off Great Portland Street
Less than 150 metres from BBC Broadcasting House Headquarters
Health Club comprising gym, swimming pool, sauna, steam room and exercise rooms
Lot 13
Auction 22nd May 2014
Rent Gross: £302,381 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Joint Fixed Charge Receivers
Property Information
Location
Miles
580 metres south of Regents Park, 650 metres north of Oxford Circus
Roads
A4201, A40, A501
Rail
Regents Park (Bakerloo Line), Oxford Circus (Central, Victoria & Bakerloo Lines)
Air
London City Airport
Situation
The property is situated in prime location in Central London on the western side of Hallam Street, close to its junction with New Cavendish Street on the borders of Fitzrovia and Marylebone. The property is located some 650 metres north of Oxford Circus and less than 150 metres from the BBC Broadcasting House Headquarters.
Tenure
Leasehold. Held from 49 Hallam Street Limited for a term of 35 years from 24th May 2002 until 23rd May 2037 at a rent of £134,861 p.a. reviewed 5 yearly to 3% per annum compounded annually. The leaseholder has the option to take a further lease of the premises on the same terms for 115 years from expiry of the current lease.
Location
Miles
580 metres south of Regents Park, 650 metres north of Oxford Circus
Roads
A4201, A40, A501
Rail
Regents Park (Bakerloo Line), Oxford Circus (Central, Victoria & Bakerloo Lines)
Air
London City Airport
Situation
The property is situated in prime location in Central London on the western side of Hallam Street, close to its junction with New Cavendish Street on the borders of Fitzrovia and Marylebone. The property is located some 650 metres north of Oxford Circus and less than 150 metres from the BBC Broadcasting House Headquarters.
Tenure
Leasehold. Held from 49 Hallam Street Limited for a term of 35 years from 24th May 2002 until 23rd May 2037 at a rent of £134,861 p.a. reviewed 5 yearly to 3% per annum compounded annually. The leaseholder has the option to take a further lease of the premises on the same terms for 115 years from expiry of the current lease.
Description
The property comprises a health club arranged over basement and ground floors which forms part of a larger building. The health club includes a gym, swimming pool, sauna, steam room, changing rooms and exercise rooms.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act 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 Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 health club arranged over basement and ground floors which forms part of a larger building. The health club includes a gym, swimming pool, sauna, steam room, changing rooms and exercise rooms.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act 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 Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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
Basement/ Ground
Health Club
1,303.51 sq m
(14,031 sq ft)
LA LEISURE LIMITED (t/a LA Fitness) guaranteed by LA Fitness plc (1)
35 years from 24/05/2002 until 23/05/2037
£302,381 (gross) £167,520 (net)
31/10/2018 and five yearly
Totals
1,303.51 sq m
(14,031 sq ft)
£302,381 (gross) £167,520 (net)
(1) Created in 1996, LA Fitness is the trading name of LA Leisure Ltd. The company trades from 80 clubs in the UK and Ireland, 33 of which (not including 49 Hallam Street) have been earmarked for sale as part of a restructuring plan. (Source: www.lafitness.co.uk 24/04/2013). LA Fitness entered into a CVA on the 24th March 2014 and the lease for this property was classified as a category 1 lease. The only affect on the CVA is that rent will now be payable on a monthly basis and the lease cannot be forfeited as a consequence of the CVA.
