The property comprises part of Riverside Business Park which is a modern part single storey and part two storey development originally built as offices, with framed construction, composite panels to the elevations and a pitched metal clad roof.
The unit itself is situated to the eastern end of the development and comprises accommodation that has been adapted for use as gymnasium premises with a combination of gymnasium, work out and aerobic areas, along with ladies and gents changing rooms and toilets, plus kitchen and office facilities.
Outside the property has a designated parking area to the rear of the premises for approximately 14 cars.
Location
Situated in the Wharfe Valley, Ilkley, is a very popular and affluent Spa Town located on the A65 between Leeds (approximately 15 miles south-east) and Skipton (approximately 10 miles north-west), and with other major centres such as Bradford and Harrogate also within easy reach.
SITUATION - The property is situated with prominent frontage on to Leeds Road (A65) approximately ½ mile to the east of Ilkley Town Centre. This is a popular mixed use location with a combination of both residential and commercial properties in the immediate vicinity.
Accommodation
The premises are laid out on ground, mezzanine and first floor levels and has a total net internal area of 5,494 sq ft (510.41 sq m).
Terms
TENURE - Part Freehold (the building as verged red on the plan) and part 999 year Leasehold (the car parking spaces as shaded blue on the plan).
TENANCY DETAILS - The premises are let to Billington Strength and Fitness Ltd on a full repairing and insuring lease from 16th September 2018 and at a rent of £27,000 per annum exclusive pax. The lease is guaranteed by Peter Billington and Andrew Billington and also includes a tenant break clause at March 2021 and a Schedule of Condition.
The tenants have occupied the building since 2015 and the current lease is a renewal of their original lease.
PROPOSAL - We are instructed to seek offers in the region of £285,000 subject to contract, which will show the buyer a net initial return of 9.19%.
VAT - The property is elected for VAT purposes.
ENERGY PERFORMANCE CERTIFICATE - The accommodation is assessed in Band D (97). A copy of the EPC is available from the sole agents.
Specification
- Modern part single storey and part two storey premises with parking
- Fully operational well established gym
- 5494 sq ft (510.41 sq m) NIA
- 5 year FRI Lease from September 2018
- Producing a rent of £27,000 pax
- Easy to manage investment, ideal for a private investor