Sold
Sunderland – 16 year+ Secure Income Gym Investment
DW Fitness First, Timber Beach Road, Sunderland, Tyne & Wear, SR5 3XG
Sold for £2,600,000
- Property Type:
- Commercial
- Sub Type:
- Leisure
- Tenure:
- Freehold
- Net Initial Yield:
- 6.5%
Income
£180,846 pa
Description
- City Fringe Gym Investment situated on the busy Wessington Way within close proximity to Sunderland city centre.
- Located in an established retail warehouse location adjacent to Hylton Riverside Retail Park.
- Let to Dave Whelan Sports Limited on a 25 year lease from 25th October 2010 (16.5 years unexpired).
- Current passing rent of £180,846 pa with a guaranteed fixed rental uplift to £209,650 pa in October 2020, £243,041 pa in October 2025 and £281,750 pa in October 2030.
- Freehold.
- Benefits from on-site car parking for approximately 141 cars.
- Site area of 0.59 Hectares (1.458 acres).
- Offers sought in excess of £2,650,000 subject to contract and exclusive of VAT. Based on this level of pricing, the Net Initial Yield reflects 7.44%, assuming purchasers costs of 6.40%.