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 with RPI linked five yearly reviews thereafter
Located in an affluent residential suburb of Leeds
Approximate site area of 0.74 hectares (1.83 acres)
Six Week Completion Available
Lot 18
Auction 10th July 2012
Rent £152,307 per Annum Exclusive
Status Sold
Price £1,200,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Behalf of Joint LPA Receivers, Jones Lang LaSalle
Property Information
Location
Miles
9 miles north-west of Leeds, 7 miles north-east of Bradford, 33 miles west of York
Roads
A658, A660, M1 (Junction 45)
Rail
Guiseley Rail Station
Air
Leeds Bradford International Airport
Situation
The property is situated in a predominantly residential area on the western side
of Haworth Lane. Leeds Bradford Airport is located 2 miles to the east. Nearby
occupiers include Homebase and Marshall Wooldridge.
Tenure
Freehold.
Location
Miles
9 miles north-west of Leeds, 7 miles north-east of Bradford, 33 miles west of York
Roads
A658, A660, M1 (Junction 45)
Rail
Guiseley Rail Station
Air
Leeds Bradford International Airport
Situation
The property is situated in a predominantly residential area on the western side
of Haworth Lane. Leeds Bradford Airport is located 2 miles to the east. Nearby
occupiers include Homebase and Marshall Wooldridge.
Tenure
Freehold.
Description
The property comprises a substantial self-contained health club over ground and first floors providing a gym and changing rooms, swimming pool, indoor running track, two ricochet courts and bar/function room. The property also benefits from large on-site car parking for approximately 132 cars giving a total
approximate site area of 0.74 hectares (1.83 acres).
NB. This property is being marketed 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 substantial self-contained health club over ground and first floors providing a gym and changing rooms, swimming pool, indoor running track, two ricochet courts and bar/function room. The property also benefits from large on-site car parking for approximately 132 cars giving a total
approximate site area of 0.74 hectares (1.83 acres).
NB. This property is being marketed 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 (Reversions)
Ground & First
Health Club
3,607 sq m
(38,826 sq ft)
LA LEISURE LTD (t/a LA Fitness) (1) guaranteed by LA Fitness Ltd and MOP Acquisitions (LAF) Ltd
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
£152,306.52
21/06/2016 and 5 yearly thereafter (2)
Totals
3,607 sq m
(38,826 sq ft)
£152,306.52
(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 08/06/2012) For the year ending 31st October 2012, LA Leisure Ltd reported a turnover of £88,746,988, pre-tax profits of £411,170 and a net worth of £4,612,030. LA Fitness Ltd (one of the guarantors) reported pre-tax profits of £3,437,500 and a net worth of £14,486,897. (Source: www.riskdisk.com 08/06/2012) (2) A number of other local operators including a creche, Yorkshire College of Beauty, Yaz Beauty and Fusions Beauty are occupying parts of the premises. (3) 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 £176,570 in 2016. Subsequent reviews are RPI linked subject to a minimum increase of 1.5% and a maximum increase of 3.0% per annum.