Substantial Leisure Investment in Affluent South East Location
Miles: 2 miles west of Brighton, 5 miles east of Worthing, 55 miles south of London
Roads: A23, A27, A270, M23
Rail: Portslade Rail Station and Brighton Mainline Rail Station
Air: Gatwick International Airport
Lot 17
Auction 6th December 2012
Rent £222,533 per Annum Exclusive
Status Sold
Price £1,170,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
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 rent reviews thereafter
Located in a popular residential area just south of Portland Road and adjacent to Davis Park
Six Week Completion Available (subject to obtaining landlord’s consent)
Situation
The property is situated in a popular residential area close to the seafront, some 2 miles to the west of Brighton city centre. The property lies just south of Portland Road and is accessed via St Helier’s Avenue.
Tenure
Freehold. The property is held part freehold and part leasehold. The leasehold titles are
held from Hove Borough Council for a term expiring 24th March 2081. The total
current rent paid to Hove Borough Council is £10,200 p.a.x. and are reviewed five yearly with the next review being 25th March 2015. The tenant (LA Leisure Limited) is obliged to pay this headlease rent to the landlord of the occupational lease. This does not affect the obligation of the landlord of the occupational lease to pay the headlease rent to Hove Borough Council. For further information please refer to the title documentation and the summary provided within the legal pack.
Location
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 rent reviews thereafter
Located in a popular residential area just south of Portland Road and adjacent to Davis Park
Six Week Completion Available (subject to obtaining landlord’s consent)
Situation
The property is situated in a popular residential area close to the seafront, some 2 miles to the west of Brighton city centre. The property lies just south of Portland Road and is accessed via St Helier’s Avenue.
Tenure
Freehold. The property is held part freehold and part leasehold. The leasehold titles are
held from Hove Borough Council for a term expiring 24th March 2081. The total
current rent paid to Hove Borough Council is £10,200 p.a.x. and are reviewed five yearly with the next review being 25th March 2015. The tenant (LA Leisure Limited) is obliged to pay this headlease rent to the landlord of the occupational lease. This does not affect the obligation of the landlord of the occupational lease to pay the headlease rent to Hove Borough Council. For further information please refer to the title documentation and the summary provided within the legal pack.
Description
The property comprises a self-contained health club with gym, two squash courts, swimming pool, aerobics studios, spin room, conservatory, bar/lounge area and treatment rooms. The property also benefits from four tennis courts and parking outside.
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 self-contained health club with gym, two squash courts, swimming pool, aerobics studios, spin room, conservatory, bar/lounge area and treatment rooms. The property also benefits from four tennis courts and parking outside.
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 & First
Health & Fitness Club
1,466.41 sq m
(15,784 sq ft)
LA LEISURE LIMITED (t/a LA Fitness) GUARANTEED BY LA FITNESS LTD & MOP ACQUISITIONS LAF LTD (1) (2)
35 years from 21/06/2006 until 20/06/2041 on a full repairing and insuring lease
