Description

A smart investment in two of the world's fastest growing sports -

A high specification leisure complex in a flexible business setting

The property comprises a semi-detached purpose built modern industrial unit with ancillary office accommodation totalling 68,327 sq ft. The building is of steel portal frame construction with profiled metal cladding under a pitched steel roof and has an eaves height of 10 metres. The unit benefits from two level loading bays and one dock level loading door, all accessed from the front of the property.

The tenant has undertaken an extensive fit out which includes x2 Super Panoramic indoor doubles courts, x4 Panoramic indoor doubles courts, x2 indoor singles courts, x5 dedicated Pickleball courts, a state of the art gym, an indoor golf complex, a cinema and a bar and bistro, as well as a number of other sublet office units.

Externally the unit has a front facing service yard with 55 car parking spaces.

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Attributes

Building area net

6,348 m²

Occupancy

100%

WAULT

14 years

Asking price

₩14,282,180,000

Yield

7.17%

Media

Investment Highlights

Situated in Christchurch, forming part of the highly affluent Dorset conurbation of over 400,000 people.
State of the art facilities offering x2 Super Panoramic indoor doubles courts, x4 Panoramic indoor doubles courts, x2 indoor singles courts, x5 dedicated Pickleball courts, a state of the art gym, an indoor golf complex, a cinema and a bar and bistro.
Padel has emerged as one of the world's fastest-growing sports, with 18-25 million people worldwide now playing regularly, which represents over 150% growth in just five years. Pickleball is currently the world's fastest growing sport, with circa 50m players and a global market projected to grow from $1.5 billion in 2025 to $4.4 billion by 2033.
Let to AP Mudeford Ltd on a 15-year lease expiring 23rd October 2040, reflecting an attractive WAULT of 14.4 years until expiry
Single let industrial unit totalling 68,327 sq ft. Approximately 17% (by floor area) has been sublet to mutually beneficial operators helping to enhance footfall and increase dwell time and customer spend. The sublettings provide a rental income of 28.7% of the contracted headlease rent.
Current passing rent of £535,000 per annum reflecting £7.83 psf.
Site area of 2.21 acres (0.89 ha)
Freehold
Capital value of only £102 per sq ft
Located in a well-established industrial complex with Christchurch Business Park, Priory Industrial Estate and Avro Business Park all adjacent to the unit.

We are instructed to seek offers in excess of £7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 7.17% (assuming purchaser's costs of 6.65%)