Description We are offering the investment sale of Units 1 and 2 (combined), which comprises a total GIA of approximately 19,805 sq ft (1,839.9 sq m) arranged as follows: - Ground Floor 15,230 sq ft 1,414.9 sq m Lower Ground 4,575 sq ft 424.0 sq m The space forms part of the commercial element of Mount Anvil’s mixed use scheme on what was formerly the site of Southbank University. The space is accessible both via the central courtyard to the rear and directly from the substantial street frontage on to Wandsworth Road itself. Lease Unit is let to Pure Gym Limited, at a rent of £210,100 for a term of twenty years, commencing in December 2012, with rent reviews every five years subject to a collar (1%) and cap (4%). There is a mutual option to determine at the expiry of the 15th year of the term on 12 months written notice. NB The lease has exchanged contracts with completion set for December 2012 upon completion of Landlord’s Works. Tenant The Pure Gym is a “no frills” 24/7 gym operator providing a low cost health and fitness offer without contractual obligation on behalf of its users. Originated in 2009 with four clubs, they are now undertaking a £37m expansion drive aiming to have increase from their current 33 sites to 70 by the end of 2013. In the year to 29th February 2012, they turned over £16,828,920 with tangible net worth of £7,186,100 and we understand have a Dunn & Bradstreet rating of 3A2. Price Our clients are seeking offers in excess of £2,800,000, reflecting a 7.5% yield before allowing for costs of 5.75%. The property is elected for payment of VAT.
Location
Wandsworth Road is an up and coming location, in close proximity to some of London’s largest development schemes, including Vauxhall Nine Elms Lane developments and the new American Embassy. The property lies within easy walking distance of Stockwell Underground, and both Wandsworth Road and Vauxhall Mainline Stations (Victoria Line), which in turn provide access to Clapham Junction and Waterloo Mainline Station, and the numerous bus routes that pass along Wandsworth Road. The new major transport interchange at Vauxhall has resulted in two buses per minute passing through the interchange, with a commitment to a further 40% increase in bus capacity. Vauxhall provides a range of restaurants and shopping facilities locally including Tesco and Sainsbury, as well as national chains such as Pret a Manger and Starbucks. Tesco Metro is within the same development.