Franck Steier Price has recently completed the sale of a Nuffield Health & Fitness Club investment in Taunton on behalf of OLIM.
The subject property was located on the south side of East Reach on the edge of the town centre, some 150 metres from Fore Street, the principal retailing pitch in the town.
The property comprises a purpose built health & fitness club with 20m swimming pool, sauna, steam room, fitness studios and full cardio & weights room.
The 1.06 acre site has 110 car spaces and comprised a 22,560 sqft health & fitness club over two floors.
The property was let to Nuffield Health on assignment from Virgin Active Ltd on a 25 year lease from 25 December 2002. The current passing rent was £256,830 per annum (£11.38 per sqft). There were five yearly open market reviews.
The property was sold to a private client of Buchanan Bond for £3,500,000 which reflected an initial yield of 6.89%.