A Solihull fitness club has been bought by a private buyer in an investment deal worth more than £1.5 million.
Investment specialists Harris Lamb oversaw the deal, which saw an unidentified client buy the gym on Ulleries Road, which has been occupied by Fitness First since it launched in 2001.
Fitness First Clubs Limited agreed a 25-year lease on the purpose-built facility, more than eight of which remain.
Neil Harris of Harris Lamb’s Investment team, said: “This is a popular gym located in a prime residential area and a short distance from the JLR facility, which employs a significant local workforce.
“With a passing rent of £123,500 per annum and more than eight years unexpired term, this represents a strong leisure investment opportunity. With 13,181 sq ft of dedicated gym, changing and studio space, as well as a crèche, physiotherapy, beauty and reception and office facilities, the centre is well equipped and benefits from more than 200 car parking spaces.”
Fitness First has also created a further 8,292 sq ft of space to install additional apparatus and space on a mezzanine floor.
Neil added: “The extensive facilities provided at the centre, teamed with the rental income and strong location and catchment area make this an attractive long-term investment opportunity, and we were able to negotiate a purchase price of £1,565,000, representing a Net Initial Yield of 7.44%.