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%.