Tenancy & Accommodation
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground Mezzanine |
Health Club/Gym Health Club/Gym |
1,221.39 sq m 672.80 sq m |
(13,147 sq ft) (7,242 sq ft) |
PURE GYM LIMITED (1) |
15 years from 02/09/2013 until 01/09/2028 on a full repairing and insuring lease (2) |
£144,000 (3) |
02/09/2018 and five yearly (4) |
Totals |
|
1,894.19 sq m |
(20,389 sq ft) |
|
|
£144,000 |
(1) Pure Gym is one of the UK’s leading budget gym operators with approximately 87 clubs around the UK, with more due to open shortly. They offer cheap gym membership (less than £20 pcm) without the need for a contract or joining fee. For the year ending 31st December 2013, Pure Gym Limited reported a turnover of £39,933,000, pre-tax profits of £2,158,000 and a total net worth of £8,206,000. (Source: www.riskdisk.com 14/11/2014)
(2)The lease provides an option to determine at the tenth anniversary of the term.
(3)For the purposes of clarification, the tenant is currently benefitting from a rent free period due to expire on 01/03/2015. The seller has agreed to adjust the completion monies so that the unit will effectively produce £144,000 p.a.x. from completion of the sale.
(4)The rent reviews are linked to RPI (collared and capped at 1% and 4%)