Franck Steier Price has recently completed the sale of a Nuffield Health & Fitness Club investment on Birmingham Great Park, Rubery on behalf of OLIM.
The subject property was located on an established leisure park with operators such as Hollywood Bowl, Gala Bingo, Empire Cinemas, Frankie & Bennys & Chiquitos. The subject property was a purpose built health & fitness club built in 1999.
The property was on a site of 3 acres and comprised a 37,540 sqft health & fitness club including swimming pool and a 238 space car park.
The 25 year lease from October 1999 was to Greens Health & Fitness Ltd and had just over six years unexpired. The passing rent of £365, 867 per annum reflected £9.75 per sqft. The lease had five yearly open market reviews.
The property was sold to a private client of JLL for £4,925,000 which reflected an initial yield of 7%.