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Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT

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Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT 20 Year + Secure Income Gym Investment with Guaranteed Minimum Rental Uplifts Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Rare opportunity to purchase a property let to Greenwich Leisure Limited – the UK’s leading charitable social enterprise and operator of over 250 sites including London’s Olympic legacy venues Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Investment Considerations Topped up Rent of £178,448 per annum • Rare opportunity to purchase a property let to Greenwich Leisure Limited – the UK’s leading charitable social enterprise and operator of over 250 sites including London’s Olympic legacy venues • 35 year lease from 25th June 2004 (20.75 years unexpired) • Current rent passing of £152,930 per annum • Fixed Rental Uplifts every five years with rent rising to £178,448 per annum in 2019 and to the greater of £206,870 per annum or open market rental value in 2024. The vendor is topping up the rent to the 2019 fixed uplift • High profile location fronting the busy A461 in a densely populated area • Freehold • Benefits fromon-site parking for approximately 40 cars with additional parking provided to the rear • Site area of approximately 0.75 acres (0.30 hectares) • Offers sought in excess of£2,300,000 (Two Million Three Hundred Thousand Pounds) reflecting an attractive net initial yield of 7.30% and a reversionary yield at 8.46% of assuming purchaser’s costs at 6.34% Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT LICHFIELD Location 4 4 TAMWORTH Walsall is a principal commercial centre within the West Midlands conurbation and is situated M6 approximately 8 miles north-west of Birmingham city centre and 6 miles east of Wolverhampton. The town WALSALL M6TOLL WOLVERHAMPTON 4 is the administrative centre of the Borough of Walsall and benefits from good road links being served by SUTTON the A34, A454 and is accessible from junctions 7, 9 COLDFIELD and 10 of the M6. Walsall railway station provides regular services M5 NUNEATON to Birmingham New Street with an average of four trains an hour. Connections can be made in Walsall Birmingham for access to London Euston with a fastest journey time of 1 hour 22 minutes. BIRMINGHAM AIRPORT M6 Walsall is easily served by Birmingham International Airport which is located at Junction 6 of the M42, approximately 13 miles to the south east. 1 0 2 7 8 5 8 S 156.3m u 3 rg 8 e ry GP 9 7 1 8 414 41 7 7 5 5 7 GP 9 El Sub Sta Shelter Bloxwich 7 1 b 1 2 Situation a 2 156.2m Shelters 152.9m d 2 2 The property is prominently situated on the southern c 2 S 4 A side of the busy Lichfield Road (A461), close to M6 L T E R ' S 8 R O its junction with the B4152 in the heart of Walsall A D Wood. Walsall Wood is a predominantly residential 4 Shelter area, with the vast majority of the local commercial 151.0m offering situated at the junction of Lichfield Road 2 1 and the B4152. Adjacent to the property on one side 1 1 155.2m to a 2 5 1 1 4 5 is a car showroom whilst to the other side is a retail 2 4 Priory Court 1 parade anchored by The Original Factory Shop. 4148 1 3 Other nearby occupiers include Co-Operative Food, 1 WALSALL 4 M6 Co-Operative Pharmacy and KFC (opposite). 7 7 1 8 4 2 E 8 1 S LO C 0m 10m 20mY 30m LE G N LA Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 IKEA AN Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Description The property comprises a substantial, detached building arranged over lower ground, ground, first and second floors. The ground and first floors provide the main fitness centre and comprise a reception, customer lounge and two floors of open plan gym accommodation. The lower ground floor provides an additional exercise studio and the second floor provides office accommodation. Floor Areas The property provides the following Gross Internal Areas: Sq Ft Sq M Lower Ground Floor 1,265 117.5 Ground Floor 11,869 1,102.7 First Floor 9,640 895.6 Second Floor 755 70.1 Total 23,529 2,185.9 Site Area Circa 0.75 acres (0.3 hectares) Tenure Freehold Tenancy The property is entirely let to Greenwich Leisure Ltd (trading as Better Gym) on assignment from Fitness First Clubs Ltd (By way of AGA) on a 35 year full repairing and insuring lease from 25th June 2004 at a current rent passing of £153,930 per annum. There is a fixed rental uplift on 25th June 2019 when the rent will rise to £178,448 per annum. The rent will then rise to the greater of £206,870 per annum or open market rental value on 25/06/2024 and then reviewed every five years thereafter to open market rental value (upwards only). The vendor will top up the rent to the June 2019 fixed rental uplift. Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT Covenant Greenwich Leisure Ltd (GLL) is widely acknowledged to be the UK’s leading charitable social enterprise delivering leisure, health, cultural and community services. GLL is an Exempt Charity and a Registered Society under the Co-operative and Community Benefit Societies Act 2014. The Society operates for the benefit of the wider communities it services and does not distribute profit. Unlike purely commercial health club ventures, any surplus is reinvested into facilities and services under GLL’s control with a view to strengthening quality and sustainability and in return, GLL enjoys business rate and VAT relief which enhances its competitive position within the market. As a not for profit entity, GLL reinvests into its existing portfolio for the benefit of its customers who visit more than 40 million times per annum. Cash used on investment activities in 2016 amounted to £25.5 million and GLL now runs 250 public sport and leisure facilities and 57 libraries in partnership with more than 30 local authorities in London and across England, Wales and Northern Ireland. For the year ending 31st December 2016, Greenwich Leisure Limited reported turnover to have increased year on year by 9% to £246 million. For further information click here: In September 2016 DW Sports acquired Fitness First UK, increasing its portfolio of gyms to over 120 nationwide. DW Fitness First is now the second largest operator of gyms in the UK providing expert training and top class facilities around the country. DW was established in 2009, when owner Dave Whelan bought 52 fitness clubs and attached retail stores from JJB Sports Plc, a company he had built up before selling in 2007. DW is a leading leisure and retail business which currently operates 90 retail stores across the UK stocking a wide range of authentic sports performance brands, as well as 76 leisure clubs providing extensive facilities for members including large gym floor and functional training areas, member cafes, swimming facilities and a wide range of group exercise classes. Fitness First Clubs Ltd reported the following results over the last three years: 31/03/2017 31/10/2015 31/10/2014 Sale Turnover £101,212,801 £75,435,000 £76,322,000 Pre Tax Profit £159,228,988 (£6,675,000) (£13,299,000) Total Net Worth £20,768,335 (£117,475,000) (£112,517,000) Better Gym, 80 Lichfield Road, Walsall, West Midlands, WS9 9NT EPC The property has been rated D (82) Proposal VAT We understand the property has been elected for VAT. It is anticipated that the sale will be treated as Offers sought in excess of £2,300,000 (Two Million Three Hundred a Transfer of Going Concern (TOGC) Thousand Pounds) subject to contract and exclusive of VAT. A purchase DATA ROOM For Data Room access, please use the following at this level would reflect an attractive net initial yield of 7.30% and a link: https://datarooms.allsop.co.uk/register/walsall reversionary yield of 8.46% assuming purchaser’s costs at 6.34%. For Further Information or to make arrangements for viewing please contact: Jonathan Butcher 020 7543 6755 [email protected] Ronnie Morgan 020 7543 6808 [email protected] Alex Neil 020 7543 6895 [email protected] www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/ lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/ lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries.
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