LA Fitness, Wakering Road, Thorpe Bay, Southend-On-Sea, Essex
South East
dba196
Tenure: Freehold
Tenancy: Single Let
Investment summary
•Health and Fitness Club with 2 tennis courts and indoor swimming pool.
•Secured to L A Fitness Ltd for a further 30.5 years.
•Annual fixed uplifts at 2.5% per annum compound until December 2016.
•Passing rent reflects £74.28 per sq m (£6.90 per sq ft).
•Highly reversionary ERV at £107.64 per sq m (£10.00 per sq ft).
•Total net internal area of 2,811 sq m (30,248 sq ft).
•102 car parking spaces providing an excellent ratio of 1:28 sq m (1:297 sq ft).
•Site area of 0.93 hectares (2.29 acres).
•Capital value reflects £1,410 per sq m (£131 per sq ft) and £4.3 million per hectare (£1.7 million per acre).
•Situated in an affluent residential suburb of Southend-on-Sea.
•Residential potential, subject to the necessary consents.
•Purchase price in excess of £3,950,000.
•Net initial yield of 5.0%.
•Reversionary yield of 7.2%.
•True equivalent yield of 6.6%.