Description

The property comprises a steel portal framed unit with a rectangular floorplate, built in the early 2000's. The asset is an open plan ground floor of approximately 13,169 sq ft and a first floor of approximately 5,005 sq ft accessed via a central staircase and lift.

The property has been fitted out as a gym utilising the open plan ground floor as an exercise / free weights area with separate toilets and changing rooms. The first floor level has been fitted out to provide a group exercise studio, spin studio and spa area.

Access to the building is provided via an entrance fronting the eastern elevation. The property benefits from a car park providing approximately 117 spaces.

There is an adjoining office building on the eastern elevation which is owner occupied.

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Attributes

Asking price

CA$4,385,000

Building area gross

1,688 sm

Occupancy

100%

WAULT

12.3 years

Media

Investment highlights

Poole is an affluent coastal town and a major commercial port
The property is located in the heart of Poole's trade and retail warehousing district
The property extends to 18,174 sq ft (1,688.39 sq m) GIA
1.33 acres (0.54 hectares) site reflecting a site reflecting a very low site coverage of 31%
Let to YMCA Bournemouth on a new lease of 15 years from 22 December 2023
Freehold
Tenant option to break on the 10th anniversary, 22 December 2033
A guaranteed minimum uplift of £222,420 (likely to increase further) to current RPI levels on the 2028 rent review
Somerset Council guarantee the uplift to £222,420 per annum until the 2028 rent review date
The lease is reviewed 5 yearly on an RPI basis which is capped at 4% and collared at 2% per annum
The tenant has spent £208,195 on the premises which has attracted over 2,000 new members since opening in January 2024

We are instructed to seek offers in excess of £2,350,000 (Two Million, Three Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 8.90% (assuming purchaser's costs of 6.35%)