London SE13 RPI LINKED LONDON LEISURE INVESTMENT
Total Page:16
File Type:pdf, Size:1020Kb
65-71 Lewisham high Street london SE13 RPI LINKED LONDON LEISURE INVESTMENT On the instruction of: 65-71 High Street Lewisham SE13 INVESTMENT SUMMARY PRIME LEWISHAM TOWN CENTRE NEW VIRTUAL FREEHOLD INTEREST LEISURE INVESTMENT LOW PASSING RENT OF PER ANNUM, £175,000 15,198 SQ FT REFLECTING £11.51 PSF (1,411.9 SQ M) GIA OF HIGHLY SPECIFIED HEALTH & FITNESS ACCOMMODATION CAPITAL VALUE OF ONLY SINGLE LET TO PURE GYM £178 PER SQ FT PROMINENT GROUND FLOOR ENTRANCE FRONTING LEWISHAM HIGH STREET NET INITIAL YIELD 20 YEAR LEASE FROM JULY 2017 (TENANT OPTION TO BREAK IN YEAR 15) OFFERS IN EXCESS OF 6.09% TENANT SPENT £1.3M ON THE FIT OUT, EXCLUDING EQUIPMENT £2,700,000 EXCLUSIVE OF VAT, 5 YEARLY RPI LINKED RENT REVIEWS CAPPED AT 4% & COLLARED AT 2% SUBJECT TO CONTRACT 65-71 High Street Lewisham SE13 LEWISHAM VIBRANT AND DIVERSE, LEWISHAM IS ONE OF CENTRAL LONDON’S FASTEST GROWING BOROUGHS. With a resident population of around 275,900 widely Lewisham benefits from excellent transport links expected reach 318,000 by 2021, Lewisham has with Lewisham Station providing Southeastern train become the destination of choice for upwardly services into London Victoria, Charing Cross and mobile Londoners. Cannon Street and Lewisham DLR Station providing direct access to Canary Wharf, Bank and Stratford. Significant investment and regeneration over the past ten years has transformed Lewisham into an established residential, retail and leisure destination. LONDON BRIDGE 8 MIN Today’s gentrified Lewisham is awash with CANARY WHARF 15 MIN independent cafés, bars, delicatessens and restaurants WESTMINSTER 17MIN as well as the award-winning Brockley Food Market. CHARING CROSS 19 MIN WATERLOO 18 MIN At the heart of Lewisham’s resurgence is the £375m VICTORIA 23 MIN Lewisham Gateway project. One of the largest regeneration projects in south east London, Lewisham Gateway is transforming the area into an established In addition, the A20 provides fast access to the metropolitan centre providing a new heart for the A205 South Circular Road and links with the M25 town centre with new high-quality developments and to the south east. major public realm improvements. Works include the Looking forward, there is growing support from delivery of 900 new homes, new retail, restaurant and Transport for London to extend the Bakerloo commercial space as well as traffic flow improvements line to Lewisham, giving access to the London which will help re-connect the town centre with the Underground network and Oxford Circus in just DLR and rail stations. 30 minutes. O2 ARENA LONDON LEWISHAM NORTH GREENWICH BRIDGE SHOPPING STATION ACCESS CENTRE WATERLOO LEWISHAM DLR & NATIONAL RAIL CANARY WHARF CITY LEWISHAM OF HIGH GREENWICH LONDON STREET 65-71 High Street Lewisham SE13 LEWISHAM 150M TOWER LOFTS SITUATION SITUATED AT THE NORTHERN END OF THE BUSY LEWISHAM HIGH STREET, DIRECTLY OPPOSITE THE NORTH SQUARE ENTRANCE TO LEWISHAM SHOPPING CENTRE. NEARBY OPERATORS INCLUDE: BOOTS, NATWEST, PADDY POWER, SUBWAY, BARCLAYS AND HSBC. THE UNIT IS SITUATED WITHIN A 5 MINUTE WALK OF LEWISHAM RAIL STATION. TENURE THE GYM FEATURES NEW 999 YEAR LONG LEASEHOLD INTEREST, AT A PEPPERCORN, TO BE CREATED. 2 24 30 STUDIOS HOUR BIKE SPIN TENANCY OPERATION STUDIO SINGLE LET TO PURE GYM ON A 20-YEAR FULL REPAIRING AND DEDICATED BIOMETRIC INSURING LEASE FROM 31 JULY 2017 EXPIRING 30 JULY 2037. MALE & FEMALE FINGERPRINT SYSTEM THE LEASE PROVIDES FOR 5 YEARLY RENT REVIEWS CAPPED CHANGING ROOMS FOR ADDED SECURITY AT 4% AND COLLARED AT 2%. Current passing rent of £175,000 per annum reflecting £11.51 per sq ft overall. Tenant Only break option in year 15 upon 6 months written notice. COVENANT Pure Gym Ltd. (company number 06690189) was established in 2009 and has since grown to be Britain’s largest gym chain by membership with over 1 million members nationwide. To date, the company has over 260 gyms across the United Kingdom. Following acquisitions in on the continent, the business is now the second largest gym and fitness operator in Europe, with approximately 1.7 million members at the end of 2019 and over 500 sites across the UK, Denmark, Switzerland and Poland. Pure Gym achieved at turnover of over £198 million in 2019. VAT THE PROPERTY IS ELECTED FOR VAT EPC Experian Rating: Year Ending Year Ending Year Ending AND IT IS PROPOSED “Very Low Risk” 31st December 2019 31st December 2018 31st December 2017 AN EPC IS THAT THE SALE WILL AVAILABLE Turnover £197,998,000 £226,086,000 £256,269,000 BE TREATED AS A ON REQUEST. Pre-Tax Profit £23,394,000 £44,972,000 £34,841,000 TRANSFER OF A Tangable Net Worth £26,292,000 £48,561,000 £38,695,000 GOING CONCERN. PROPOSAL OFFERS IN EXCESS OF £2,700,000 REFLECTING A NET INITIAL YIELD OF 6.09% ASSUMING PURCHASER’S COSTS OF 6.44%. VIEWINGS BY ARRANGEMENT ONLY. JAMIE WHITELAW MARK BOLTON 0207 494 6948 020 7614 0900 [email protected] [email protected] JIM REMFRY SCOTT WARD REECE 0207 494 6936 020 7614 0902 [email protected] [email protected] MISREPRESENTATIONS ACT: CWM & Partners LLP and Michael Elliott LLP for themselves and for the vendors/lessors of the property whose agents they are, give notice that: 1. These particulars are set out as a general outline for the guidance of the intended purchasers or lessees, and do not constitute part of, an offer or contract; 2. All descriptions, dimensions, reference to, tenure, tenancies, condition and necessary permissions for the use and occupation, and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; 3. No person in the employment of CWM & Partners LLP and Michael Elliott LLP has any authority to make or give any representations or warranty in relation to this property. JULY 2020.