Substantial Town Centre Health & Fitness Club Investment
Over 20,000 sq ft town centre leisure accommodation
Let to Simply Gym Limited until February 2028 (subject to option)
Opposite newly developed Ty Pawb Arts Centre
Benefits from shared car parking
Lot 48
Auction 11th July 2018
Rent £131,136 per Annum Exclusive
Status Sold
Price £1,150,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Fixed Charge Receivers BDO
Property Information
Location
Miles
12 miles south-west of Chester
32 miles south of Liverpool
50 miles south-west of Manchester
Roads
A525, A534, A483
Rail
Wrexham Central Rail
Air
Liverpool John Lennon Airport
Situation
Wrexham is a busy market town and one of the main commercial and administrative centres in North Wales. The property occupies a prominent position at the junction of Holt Street and Market Street, adjacent to Home Bargains, opposite the newly developed Ty Pawb Arts Centre and a short walk from the pedestrianised Chester Street and pedestrianised retailing area.
Tenure
Long Leasehold. Held from TJ Morris Limited for a term of 125 years from 20/12/1999 until 19/12/2124
at a peppercorn rent.
Location
Miles
12 miles south-west of Chester
32 miles south of Liverpool
50 miles south-west of Manchester
Roads
A525, A534, A483
Rail
Wrexham Central Rail
Air
Liverpool John Lennon Airport
Situation
Wrexham is a busy market town and one of the main commercial and administrative centres in North Wales. The property occupies a prominent position at the junction of Holt Street and Market Street, adjacent to Home Bargains, opposite the newly developed Ty Pawb Arts Centre and a short walk from the pedestrianised Chester Street and pedestrianised retailing area.
Tenure
Long Leasehold. Held from TJ Morris Limited for a term of 125 years from 20/12/1999 until 19/12/2124
at a peppercorn rent.
Description
The property forms part of a standalone building alongside Home Bargains, and benefits from frontages on all four sides with customer access from the eastern side via a shared car park. The property comprises a health and fitness club over ground and first floors including reception, class studio, ladies only gym, changing rooms, sauna, steam room and aromatherapy room.
VAT
VAT is applicable to this lot.
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.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property forms part of a standalone building alongside Home Bargains, and benefits from frontages on all four sides with customer access from the eastern side via a shared car park. The property comprises a health and fitness club over ground and first floors including reception, class studio, ladies only gym, changing rooms, sauna, steam room and aromatherapy room.
VAT
VAT is applicable to this lot.
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.
Completion Period
Six week completion
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
Review/ (Reversion)
Ground
First
Health & Fitness Club/ Ancillary Health & Fitness Club/ Ancillary
1,074.05 sq m
470.00 sq m
(11,561 sq ft)
(5,059 sq ft)
SIMPLY GYM LIMITED (1)
15 years from 22/02/2013 on a full repairing and insuring lease (2)
£100,000
22/02/2023 (21/02/2028)
Ground
Health & Fitness Club/ Ancillary
357.68 sq m
(3,850 sq ft)
SIMPLY GYM LIMITED (1)
Approx 13 years from 12/03/2015 on a full repairing and insuring lease (2) (3)
£31,136
22/02/2023 (21/02/2028)
Total
1,901.73 sq m
(20,470 sq ft)
£131,136
(1) Simply Gym offers gym and fitness class facilities at a fraction of the usual cost of health club membership and has 8 locations throughout the UK (Source: www.simplygym.co.uk 08/06/2018). (2) The leases provide a tenant’s option to determine on 22/02/2023. (3) The ground floor only unit is let on a separate lease, as the tenant only took occupation of this area in 2015, expanding their original gym to create a further workout area. Both leases are co-terminus.
