The Pure Gym in Kirkcaldy is an 8,000 sq.ft steel portal frame warehouse that was extensively refurbished in 2019. The tenants bespoke fit out ensures the gym presents excellently.
Opening in December 2019 it achieved a strong membership take up as it offers the best facilities with 24 hours access at an affordable price. Despite the Global pandemic Pure Gym has managed to retain high gym membership levels that are projected to grow further as the UK opens for business again.
The property comprises a standalone building providing a 24/7 health club/gym complete with exercise studios, changing rooms and a large open plan gym and workout zone.
( Agency Pilot Software Ref: 50223 )
Location
Kirkcaldy is one of Fife’s principal centres having a resident population of approximately 50,000 and a further catchment area now estimated to be in excess of 150,000. “The town benefits from an excellent communications system having a mainline railway station with regular services to Edinburgh and the rest of Fife on the Fife circular route”. The town is also situated adjacent to the East Fife Regional Road (A92) which provides readily available road links to the motorway network of Central Scotland and beyond.
Accommodation
Industrial 743.23 sqm (8,000 sqft )
Total 743.23 sqm ( 743.23 sqft )
Terms
Tenancy The property is let to Pure Gym Limited from the 4th December 2019 on a 15 year FRI lease, with a tenant only break option in December 2029. The passing rent is £XXX per annum reflecting a rent £XXX per sq.ft, subject to 5 yearly reviews geared to the Consumer Price Index (collar of 1.00% and a cap of 3.00% per annum compounded
Tenure Heritable Interest (Scottish Equivalent of English Freehold).
EPC An Energy Performance Certificate is available on request.
VAT The property has been elected for VAT. On this basis VAT will be payable on the purchase price, however, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal Offers are sought in excess of £XXX (One Million and One Hundred Thousand Pounds Sterling) exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.88% assuming standard purchasers costs of 5.76%
Specification
- Prime single-let, long income investment.
- Let to Pure Gym Limited, until 4th December 2034 with tenant only break option in 2029, 13.5 years unexpired.
- Very prominently located on Abbotshall Road.
- £XXX per annum which reflects a market aligned £XXX per sq.ft. 8,000 sq.ft (743.23 sq.m) on c0.87 acres with the benefit of 52 on-site car parking spaces.
- The lease benefits from 5 yearly upward only rent reviews geared to the Consumer Price Index (Annually Collared and Capped at 1.00% and 3.00%).