Virtual Freehold Leisure Investment Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD

Size: px

Start display at page:

Download "Virtual Freehold Leisure Investment Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD"

Diane McKenzie
5 years ago
Views:

1 Virtual Freehold Leisure Investment Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD

2 Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Investment Summary 1,161 sq.m. (12,500 sq.ft.) ground floor health and fitness club below a 200 apartment residential scheme developed in Situated in the heart of Swindon town centre close to Jurys Inn and Travelodge Hotels, Swindon Borough Council Offices and a new 850 space multi-storey car park, developed as part of the first phase of the 350m Swindon Town Centre Kimmerfields regeneration scheme. 999 year leasehold interest from 2nd December 2008 at a peppercorn. Let to Kiss Gyms Limited for 15 years from 25th December 2011 subject to tenant only break on 24th December Rent passing of 100,000 per annum subject to fixed increase to 115,000 per annum in 2016 and 5 yearly upward only open market reviews thereafter. Offers invited in excess of 1,050,000 (one million and fifty thousand pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 9% rising to 10.35% in 2016.

3 N CHESTER Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment BOSTON WREXHAM NOTTINGHAM STOKEON-TRENT Location Swindon is situated approximately 80 miles west of London, 40 miles east of Bristol, 40 miles north west of Reading and 30 miles WELSHPOOL south west of Oxford. DERBY M6 SHREWS BURY LEICESTER M54 Communications are excellent with junctions 15 and 16 of the M4 motorway being 3 miles to the south east and 3 miles to the south west respectively whilst regular national rail services run to Reading (30 minutes), Bristol (45 minutes) and London (55 minutes) M42 M69 M42 Swindon has a resident population of 210,000 and is home to many national and international businesses including Intel, The National Trust, Npower, First Great Western, Nationwide Building Society, Zurich, W H Smith and Honda. A1(M) M6 BIRMINGHAM ABERYSTWYTH COVENTRY WARWICK NORTHAMPTON WORCESTER CAMBRIDGE M40 BEDFORD EVESHAM M5 HEREFORD According to Centre for Cities Cities Outlook 2014 Report, Swindon - MILTON KEYNES M50 BRECON is the third fastest growing city by population growth has the third highest proportion of private sector employment has the fourth highest housing stock growth and is an important centre for innovation being SWANSEA second only to Cambridge in terms of number of patents granted per 100,000 residents PETERBOROUG WOLVERHAMPTON GLOUCESTER CHELTENHAM STEVENAGE LUTON M1 OXFORD CIRENCESTER M M25 WATFORD HIGH WYCOMBE M40 M4 S SWINDON M5 A1(M) A34 A404 LONDON M4 BRISTOL HEATHROW A4 BATH READING NEWBURY A33 M3 M25 M23 A36 A303 GUILDFORD

Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Major regeneration of the town is proposed following the adoption of the Swindon Masterplan in 2013

4 Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Major regeneration of the town is proposed following the adoption of the Swindon Masterplan in 2013 with a new commercial and residential quarter coordinated by Forward Swindon, the council owned economic development company, and Muse Developments in collaboration with landowners, the Home and Communities Agency, the South West Regional Development Agency and Swindon Borough Council. The 350m Kimmerfields scheme has outline consent for: 650,000 sq.ft. of offices 150,000 sq.ft. of retail 450 residential units An 850 space multi-storey car park A new Primary Health Care Trust building A new Bus Station Hotel A new Public Square and Substantial remodelling of Fleming Way, Gordon Road and Whalebridge Phase one including the new car park and 45 residential units has already been completed. Phase 2, involving the remodelling of Fleming Way and public realm improvements, is due to commence this year with completion due by Situation The subject property is situated in Princes Street, in the heart of the town centre close to the offices of Swindon Borough Council, the Travelodge and Jurys Inn hotels and the Kimmerfield regeneration site. Directly opposite is the Wyvern Theatre and Car Park site where a new cultural quarter for the town is proposed with the first phase to include a new 15m art gallery and museum. KEY Extent of proposed development Internal Street Potential acrive ground floot use including retail/ (use calss A1 to A5 inclusively), leasure, commercial entrances and public access. Principle use residential Principle use commercial including offices and hotel Mixed use including relocated MSCP, offices, health, retail, residential 01 Kiss Gyms, Paramount Building

Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment 08 KEY 01 Kiss Gyms, Paramount Building 02 Swindon Borough Council Offices 03 Travelodge Hotel 04

5 Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment 08 KEY 01 Kiss Gyms, Paramount Building 02 Swindon Borough Council Offices 03 Travelodge Hotel 04 Jurys Inn Hotel 05 Wyvern Theatre and Car Park Site Proposed Cultural Quarter Phase 1 of Kimmerfields Development new 850 space public car park and 45 apartment residential building 07 Kimmerfields Development Site Proposed commercial, residential and Infrastructure project Swindon Station

property comprises a ground floor health and fitness centre comprising

) which was developed as part of a 200 apartment Swan Hill residential

6 Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Description/Accommodation The property comprises a ground floor health and fitness centre comprising a gross internal area of 1,161 sq.m. (12,500 sq.ft.) which was developed as part of a 200 apartment Swan Hill residential scheme in The property also has the benefit of 30 car spaces in the basement of the building.

Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Tenure The property is held on a lease for 999 years from 2nd December 2008 at a

20 psf) on 25th December 2016 and upwards only open market reviews on 25th December 2021 and 25th December 2026.

The permitted use is for a 24 hour private members health and fitness club together with ancillary café/bar and retail.

7 Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD Virtual Freehold Leisure Investment Tenure The property is held on a lease for 999 years from 2nd December 2008 at a peppercorn. Tenancy The property is let to Kiss Gyms Limited for 15 years from 25th December 2011 at 100,000 pa ( 8.00 psf) subject to review to 115,000 pa ( 9.20 psf) on 25th December 2016 and upwards only open market reviews on 25th December 2021 and 25th December There is a tenant option to break on 24th December 2021 subject to 6 months notice. The permitted use is for a 24 hour private members health and fitness club together with ancillary café/bar and retail. Change of use is permitted subject to landlord s consent which cannot be unreasonably withheld. Covenant Kiss Gyms Limited was incorporated in 2010 and operates three gyms in Acton, Milton Keynes and Swindon. They provide a 24 hour 7 days a week low cost health and fitness offer and are looking to expand their operation further within London and the South West. Further information can be found on their website

8 VAT The property is elected for VAT. EPC Rating B certificate available upon request. Proposal We are instructed to seek offers in excess of: 1,050,000 (One million and fifty thousand pounds)subject to contract and exclusive of VAT, reflecting a net initial yield of 9% and a reversionary yield of 10.35% in December 2016 following the fixed increase at the first review. Further information For further information or to arrange an inspection then please contact either: Lawrence Gluckstein Direct Line: lg@johnmilesco.com Neil Edwards Direct Line: neil@johnmilesco.com Chartered Surveyors 76 New Bond Street London W1S 1RX Misrepresentation Act: Messrs John Miles & Company (Investments Surveyors) Ltd for themselves and for the vendors or lessors of this property whose agents they are give notice that (i) the particulars are set out as a general outline for the guidance of the intending purchasers and do not constitute part of an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of John Miles & Company (Investment Surveyors) Ltd has any authority to make or give any representation or warranty whatever in relation to this property. June 2014

25 Clarendon Road, Redhill Freehold M25 Office Investment

25 Clarendon Road, Redhill Freehold M25 Office Investment Investment Summary Key southern M25 office centre Good position in the town s core office area. High quality building built in 1999, providing