Entirely let to LA Leisure Ltd, t/a LA Fitness, guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd until 2041
Fixed rental uplift in 2016 (to £63,966 p.a.x.) and five yearly RPI linked rent reviews
Located in Croydon, London’s largest borough by population
Visible from Purley Way (A23) in an area characterised by numerous retail and leisure operators
Approximate site area of 0.43 hectares (1.054 acres)
Opposite the Colonnades Leisure Park which features a number of leisure focused tenants including McDonald’s, Pizza Hut, Kidspace Limited and Premier Inn
Large on-site car park for approximately 70 cars
Six Week Completion Available
Lot 8
Auction 24th May 2012
Rent £55,177 per Annum Exclusive
Status Sold
Price £650,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Entirely let to LA Leisure Ltd, t/a LA Fitness, guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd until 2041
Fixed rental uplift in 2016 (to £63,966 p.a.x.) and five yearly RPI linked rent reviews
Located in Croydon, London’s largest borough by population
Visible from Purley Way (A23) in an area characterised by numerous retail and leisure operators
Approximate site area of 0.43 hectares (1.054 acres)
Opposite the Colonnades Leisure Park which features a number of leisure focused tenants including McDonald’s, Pizza Hut, Kidspace Limited and Premier Inn
Large on-site car park for approximately 70 cars
Six Week Completion Available
Lot 8
Auction 24th May 2012
Rent £55,177 per Annum Exclusive
Status Sold
Price £650,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
2 miles south-west of Croydon town centre 7 miles south of Central London
Roads
A23 (Purley Way), M25 (Junction 7)
Rail
Purley Rail Station, East Croydon Rail Station
Air
Gatwick International Airport (19 miles to the south)
Situation
The property is situated on the southern edge of the Imperial Way Industrial Estate which lies to the west of Purley Way (A23), approximately 2 miles south-west of Croydon town centre.
The Colonnades Leisure Park is situated a short distance to the north on the other side of Purley Way, and accommodates a number of leisure operators including McDonald’s, Pizza Hut, Kidspace Limited and Premier Inn.
Tenure
Freehold.
Location
Miles
2 miles south-west of Croydon town centre 7 miles south of Central London
Roads
A23 (Purley Way), M25 (Junction 7)
Rail
Purley Rail Station, East Croydon Rail Station
Air
Gatwick International Airport (19 miles to the south)
Situation
The property is situated on the southern edge of the Imperial Way Industrial Estate which lies to the west of Purley Way (A23), approximately 2 miles south-west of Croydon town centre.
The Colonnades Leisure Park is situated a short distance to the north on the other side of Purley Way, and accommodates a number of leisure operators including McDonald’s, Pizza Hut, Kidspace Limited and Premier Inn.
Tenure
Freehold.
Description
The property comprises a two storey health club with facilities including a fully equipped air conditioned gym, three squash courts, a swimming pool with steam room and sauna and a café/bar. The club has recently undergone refurbishment including a modernised bar area and new cardiovascular gym equipment. The property benefits from a total approximate site area of 0.43 hectares (1.054 acres) providing on-site car parking for approximately 70 cars.
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 LPA Receivers are not bound to accept the highest or any offer and are acting 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 two storey health club with facilities including a fully equipped air conditioned gym, three squash courts, a swimming pool with steam room and sauna and a café/bar. The club has recently undergone refurbishment including a modernised bar area and new cardiovascular gym equipment. The property benefits from a total approximate site area of 0.43 hectares (1.054 acres) providing on-site car parking for approximately 70 cars.
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 LPA Receivers are not bound to accept the highest or any offer and are acting 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
Ground and First
Health Club
1,751.2 sq m
(18,850 sq ft)
LA LEISURE LTD (t/a LA Fitness)(1) guaranteed by LA Fitness Ltdand MOP Acquisitions (LAF) Ltd
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
£55,177 (£2.93 psf)
21/06/2016 and 5 yearly thereafter (2)
Totals
1,751.2 sq m
(18,850 sq ft)
£55,177
(1) Created in 1996, LA Fitness is the trading name of LA Leisure Ltd. LA Fitness is a market leader when it comes to offering a wide range of fitness options. The company trades from 80 clubs in the UK and Ireland and has nearly 220,000 members (Source: www.lafitness.co.uk 25/04/2012). LA Leisure Ltd reported turnover of £88,746,988 and a pre-tax profit of £411,170 for the year ending 31st October 2011 with a total net worth of £4,612,030. LA Fitness Ltd (the guarantor) reported a pre-tax profit of £3,437,500 for the year ending 31st October 2011 and a total net worth of £14,486,897. (2) Under the terms of the lease the rent review in 2016 is fixed to the passing rent plus 15.93%. Rental income will therefore increase to £63,966.70 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.
