Virtual Freehold blue-chip Leisure Investment in Central London.
The property comprises a recently constructed ground floor unit totalling approx. 12,173 sq ft (1,130 sq m).
Location Description
The property is located in the affluent London borough of Islington which is a busy and thriving commercial residential and retail centre situated just to the north of Kings Cross.
The property is situated on the Caledonian road in a few minutes’ walk of both Caledonian road underground station and Caledonian and Barnsbury over ground station and forms part of the Cally yard residential and Office scheme.
Cally Yard is situated on the eastern side of Caledonian Road, just 3 minutes’ walk to Caledonian Road Station to the north (Piccadilly Line) and 5 minutes’ walk to Caledonian Road and Barnsbury Station to the South (Overground).
Borough has a population of circa 215,000 persons and is situated circa 2 miles from West London.
Additional Information
The property is held long leasehold for a term of 999 years at a peppercorn rental.
The property is let to the good covenant of The Gym Limited for a term of 20 years from the 23rd April 2021 on effectively full repairing and insuring terms at a commencing rental of £219,000 per annum exclusive subject to 5 yearly upwards only rent reviews with the first two reviews linked to RPI collared and capped at 2% and 4% the third review is fixed to a 10% increase.
The Gym Limited currently trades from 183 properties situated throughout the United Kingdom and currently have 578,000 members and is the fifth largest Gym Group in Europe in terms of members. Each gym averages 310,000 customer visits per annum.
For the financial year ending 2020 The Gym Limited had revenue of £80,500,000 (due to Covid 19 this was based on trading for only 55% of the annual trading days), however compares favourably with the financial year ending 2019 with revenue of £153,100,000.
During 2020 The Gym Limited opened 8 new Gyms and ended the year with Liquidity of £52,700,000.