The property is arranged over ground floor and has been fitted out as a gym. The upper parts of the building, which are not included, have planning permission to convert to residential. The freeholder is Albemarle Property - a residential developer with a track record of delivering high quality residential schemes.
( Agency Pilot Software Ref: 15723 )
Location
Tonbridge is an affluent commuter town situated approximately 29 miles south east of Central London between Maidstone and Royal Tunbridge Wells. The subject premises are centrally located a short walk from Tonbridge Railway Station and close to the high street.
Accommodation
Ground Floor Gym 6,915.8 sq ft (642.48 sq m )
Terms
TENURE
A new 999 year lease.
PROPOSAL
Offers are invited in excess of £1,400,000, subject to contract. A purchase at this level reflects a net initial yield of 6.06%.
VAT – No VAT.
EPC – Available on request.
TENANCY DETAILS
The premises are let to Pure Gym Limited on a 15 year effective full repairing and insuring lease from November 2017. There is a tenant’s break clause in November 2029 subject to 6 months notice. The passing rent is £90,000 pax, subject to 5 yearly RPI upflifts which are to be collared at 1% and capped at 3%.
COVENANT INFORMATION Pure Gym Limited 06690189 Founded in 2008 Pure Gym is now one of the leading UK operators with over 200 outlets. In December 2017 the following financial information was posted for Pure Gym Limited:
Turnover £197,998,000
Pre-Tax Profit £23,394,000
Total Net Worth £26,292,000
Specification
- Long Leasehold Gym Investment
- Let to Pure Gym Limited on a 15 year lease from November 2017
- Passing rent £90,000 pax, subject to RPI uplifts
- OIEO £1,400,000
- NIY 6.06%
- No VAT