virtual freehold leisure investment kiss gyms, paramount … · 2014-06-19 · virtual freehold...
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Virtual Freehold Leisure Investment Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD
Investment Summary
• 1,161 sq.m. (12,500 sq.ft.) ground floor health and fitness club below a 200 apartment residential scheme developed in 2008.
• 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 2021.
• 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.
Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD | Virtual Freehold Leisure Investment
LocationSwindon is situated approximately 80 miles west of London, 40 miles east of Bristol, 40 miles north west of Reading and 30 miles south west of Oxford.
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)
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.
According to Centre for Cities’ Cities Outlook 2014 Report, Swindon -
• 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 second only to Cambridge in terms of number of patents granted per 100,000 residents LONDON
BRISTOL
SWANSEA
BIDEFORD
SALISBURYWINCHESTER
GUILDFORD
READING
HIGHWYCOMBE
WATFORD
CANTERBURY
SHREWS BURY
OXFORDCIRENCESTER
BATH
TORQUAYPLYMOUTH
BODMIN
PENZANCE
HONITON
MILTONKEYNES
LUTONCHELTENHAM
EVESHAMHEREFORD
WORCESTER
GLOUCESTER
BEDFORD
WARWICK
IPSWICH
NORWICH
KING'S LYNN
BARNSTAPLE
EXETERSOUTHAMPTON
WELSHPOOL
ABERYSTWYTH
CARMARTHEN
WREXHAM
LIVERPOOL
BLACKPOOL
NOTTINGHAM
DERBY
STOKE-ON-TRENT
SHEFFIELD
BURYST EDMUNDS
DOVER
FOLKESTONE
BRIGHTON
NORTHAMPTON
NEWPORT
CAMBRIDGE
STEVENAGE
CHICHESTER
MANCHESTER
BRADFORD LEEDS
YORK
SCARBOROUGH
MIDDLESBOROUGH
NEWCASTLE UPON TYNE
DONCASTER
CAERNARFON
CARLISLE
GLASGOW
ABERDEEN
PETERHEAD
INVERNESS
WICK
FORTWILLIAM
OBAN
STANDREWS
PERTH
DUNDEE
STIRLING
BERWICKUPON-TWEED
DUMFRIES
LINCOLN
BOSTON
PETERBOROUGH
LEICESTER
CHESTER
BRECON
WOLVERHAMPTON
COVENTRY
EDINBURGH
BIRMINGHAM
NEWBURY
SWINDONS
A31
A30
A36
A36
A3
A4
A404A34
A33
A30
A30
A35
A303
A303
A35
HEATHROW
GATWICK
M5
M50
M5
M40
M42
M42
M54
M56
M56M53
M57
M58
M55
M65
M74
M77
M90
M80
M8
M9
M9
M66
M61
M62
M40
M6
M6
M6
M6
M69
M4
M4
M1
M1
M18
M1
M3 M25
M23
M25
M27 A3(M)
M2
M20
A1(M) M11
A1(M)
A1(M)
A66(M)
M5
M180
Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD | Virtual Freehold Leisure Investment
SituationThe 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.
01
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
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 2016.
01
01
KEY01 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
06 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
08 Swindon Station
Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD | Virtual Freehold Leisure Investment
03
04
06
07
08
02
05
Description/AccommodationThe 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 2008.
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
take out detail brown blobs
TenureThe property is held on a lease for 999 years from 2nd December 2008 at a peppercorn.
TenancyThe 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 2026.
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.
CovenantKiss 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 https://www.kissgyms.com/index.php
Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD | Virtual Freehold Leisure Investment
VATThe property is elected for VAT.
EPCRating B –certificate available upon request.
ProposalWe 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 informationFor further information or to arrange aninspection then please contact either:
Lawrence GlucksteinDirect Line: 020 7659 9742email: lg@johnmilesco.com
Neil EdwardsDirect Line: 020 7659 9741email: 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
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