Located in the affluent North London suburb of Muswell Hill
High value residential area
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 and five yearly RPI linked rent reviews thereafter
Situated approximately 100 metres to the south-east of Muswell Hill Broadway (A504) and accessed via Hillfield Park
Close proximity to the principal retail area of Muswell Hill Broadway
Approximate site area of 0.154 hectares (0.381 acres)
Six Week Completion Available
Rent: £237,143 p.a.x. (rising to £274,919.88 p.a.x. in 2016)
Lot 21
Auction 24th May 2012
Rent £237,143 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
1.5 miles east of East Finchley 1.5 miles west of Alexandra Palace 7 miles north of Central London
Roads
A504 (Muswell Hill Broadway) via Hillfield Park, A406 (North Circular Road)
Rail
Highgate Underground, East Finchley Underground, Alexandra Palace Rail Station
Air
Luton International Airport (30 miles to the north)
Situation
The property is situated in Hillfield Park, a tree lined residential street a short distance from the principle retail area of Muswell Hill Broadway which offers major retailers such as W H Smith, HSBC, Sainsbury’s, Moss Bros, Pizza Express, ASK and Odeon Cinemas. The property fronts onto Marks & Spencer Simply Food and a public car park with principal access from Muswell Hill Broadway (via Hillfield Park) and additional access from Muswell Hill.
Tenure
Freehold.
Location
Miles
1.5 miles east of East Finchley 1.5 miles west of Alexandra Palace 7 miles north of Central London
Roads
A504 (Muswell Hill Broadway) via Hillfield Park, A406 (North Circular Road)
Rail
Highgate Underground, East Finchley Underground, Alexandra Palace Rail Station
Air
Luton International Airport (30 miles to the north)
Situation
The property is situated in Hillfield Park, a tree lined residential street a short distance from the principle retail area of Muswell Hill Broadway which offers major retailers such as W H Smith, HSBC, Sainsbury’s, Moss Bros, Pizza Express, ASK and Odeon Cinemas. The property fronts onto Marks & Spencer Simply Food and a public car park with principal access from Muswell Hill Broadway (via Hillfield Park) and additional access from Muswell Hill.
Tenure
Freehold.
Description
The property comprises a two storey health club providing facilities including a fully equipped air conditioned gym, three fitness studios, a swimming pool with steam room and sauna and a bar/restaurant area. The site extends to 0.154 hectares (0.381 acres).
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 providing facilities including a fully equipped air conditioned gym, three fitness studios, a swimming pool with steam room and sauna and a bar/restaurant area. The site extends to 0.154 hectares (0.381 acres).
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
1,373.1 sq m
(14,780 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
£237,143
21/06/2016 and 5 yearly thereafter (2)
Totals
1,373.1 sq m
(14,780 sq ft)
£237,143
(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 a 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 £274,919.88 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.
