Offers in region of
£3,500,000
(£137.34/sq. ft)
Property for saleTrenchard Street, Fairford Leys, Aylesbury, Buckinghamshire HP19
25,485 sq. ft
Leasehold
About this property
Highly Secure Leisure Investment For Sale
Modern Purpose Built Gym
Let to Nuffield Health until 2057
Tenant’s First Break September 2032
Strong rental growth potential in September 2027
8.09% Net Initial Yield
Anticipated yield after rent review 9.37%
Location
Aylesbury is a large ancient market town and county town of Buckinghamshire. It is a major commercial centre and commuter town situated 37 miles north-west of London. Aylesbury benefits from good road communications. The A41 trunk road out of London passes through the town. The M40 motorway lies 15 miles to the south-west and the M25 motorway some 20 miles to the south-east. There is a regular London rail service from the town to Marylebone.
The population of the urban area of Aylesbury has grown significantly since the 1960's to around 100,000, due to new housing developments around the town.
The property lies in a district of Aylesbury known as Fairford Leys, a private housing development comprising some 1900 homes built around 2000 on the western edge of the town, approximately 1 mile west of the town centre. In addition to the health club, the district is served by a small shopping centre with a supermarket and restaurants, a childrens' nursery and (truncated)
Description
The property comprises a high quality purpose built stand alone health & fitness club incorporating a swimming pool, constructed in 2003. The building is of steel frame construction with brick elevations under pitched and tiled roofs. The club is fitted out to a high standard, and benefits from a full range of facilities including:
•
Large open plan gym area
•
Fitness studios
•
Heated indoor swimming pool
•
Sauna/steam room
•
Spacious changing rooms
•
Indoor cycle spin studio
•
Members' lounge area
•
Outdoor seating
Accommodation
The building extends to a total gross internal floor area of 2367.60 sq m (25,485 sq ft) arranged over ground and first floors.
Site
The property occupies a site which extends to 0.85 hectares (2.10 acres). There is an external car park solely serving the club and providing a total of 150 spaces.
Tenure
The whole site is held by way of a long ground lease for a term of 150 years from 21 November 2001 at a ground rent of £1 per annum.
A wayleave agreement has been entered into between the long leaseholders and National Grid Company Limited in respect of the overhead power lines that run over the car park to the east of the club building.
Tenancy
The property is let in its entirety by way of assignment to Nuffield Health on a full repairing and insuring lease for a term of 55 years from 4 September 2002, i.e. Expiring 3 September 2057. The tenants have an option to break the lease on 3 September 2032 and every 5 years thereafter.
The current passing rent is £301,411 per annum. There is an upward only rent review due 4 September 2027 and every 5 years thereafter.
The rent is to be increased in line with the rise in Consumer Price Index, subject to a collar and cap.
We anticipate the 4 September 2027 rent review is likely to see the rent increased to £349,418 per (truncated)
Modern Purpose Built Gym
Let to Nuffield Health until 2057
Tenant’s First Break September 2032
Strong rental growth potential in September 2027
8.09% Net Initial Yield
Anticipated yield after rent review 9.37%
Location
Aylesbury is a large ancient market town and county town of Buckinghamshire. It is a major commercial centre and commuter town situated 37 miles north-west of London. Aylesbury benefits from good road communications. The A41 trunk road out of London passes through the town. The M40 motorway lies 15 miles to the south-west and the M25 motorway some 20 miles to the south-east. There is a regular London rail service from the town to Marylebone.
The population of the urban area of Aylesbury has grown significantly since the 1960's to around 100,000, due to new housing developments around the town.
The property lies in a district of Aylesbury known as Fairford Leys, a private housing development comprising some 1900 homes built around 2000 on the western edge of the town, approximately 1 mile west of the town centre. In addition to the health club, the district is served by a small shopping centre with a supermarket and restaurants, a childrens' nursery and (truncated)
Description
The property comprises a high quality purpose built stand alone health & fitness club incorporating a swimming pool, constructed in 2003. The building is of steel frame construction with brick elevations under pitched and tiled roofs. The club is fitted out to a high standard, and benefits from a full range of facilities including:
•
Large open plan gym area
•
Fitness studios
•
Heated indoor swimming pool
•
Sauna/steam room
•
Spacious changing rooms
•
Indoor cycle spin studio
•
Members' lounge area
•
Outdoor seating
Accommodation
The building extends to a total gross internal floor area of 2367.60 sq m (25,485 sq ft) arranged over ground and first floors.
Site
The property occupies a site which extends to 0.85 hectares (2.10 acres). There is an external car park solely serving the club and providing a total of 150 spaces.
Tenure
The whole site is held by way of a long ground lease for a term of 150 years from 21 November 2001 at a ground rent of £1 per annum.
A wayleave agreement has been entered into between the long leaseholders and National Grid Company Limited in respect of the overhead power lines that run over the car park to the east of the club building.
Tenancy
The property is let in its entirety by way of assignment to Nuffield Health on a full repairing and insuring lease for a term of 55 years from 4 September 2002, i.e. Expiring 3 September 2057. The tenants have an option to break the lease on 3 September 2032 and every 5 years thereafter.
The current passing rent is £301,411 per annum. There is an upward only rent review due 4 September 2027 and every 5 years thereafter.
The rent is to be increased in line with the rise in Consumer Price Index, subject to a collar and cap.
We anticipate the 4 September 2027 rent review is likely to see the rent increased to £349,418 per (truncated)
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