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For Sale£1,700,000.00

Ulleries Road

Leisure Property, Leisure Property, Licensed & Leisure , 13181 - 21473 Sq Ft
Property type: Leisure Property, Leisure Property, Licensed & Leisure
Tenure: For Sale Leasehold
Size: 13181 - 21473 Sq Ft
Price: £1,700,000.00
Location: Ulleries Road, Solihull, West Midlands, B92 8DS
The property was constructed by St Modwen in 2001 and comprises a steel portal frame building with brick elevations to approx. 3 metres and cladding above. The tenant has fully fitted out the property as a gym, including the installation of a mezzanine floor.
The property is let to Fitness First Clubs Limited for a term of 25 years commencing on 24 June 2001 on FRI terms. The passing rent is £123,500 per annum (reflecting £9.37 per sq ft excluding mezzanine). Offers for the long leasehold interest are invited of £1,700,000 subject to contract and exclusive of VAT. A purchase at this level would represent a net initial yield of 6.84% after allowing for purchaser's costs of 6.18%.
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