Virgin Active, 11 Minerva Way, Glasgow
Price: £8,750,000 - Initial Yield:7.15%
Date: Q4 2010
Acting on behalf of Invista we advised on the sale of this fitness centre investment to Private Clients of GVA Grimley for £8.75m, reflecting a net initial yield of 7.15%.
The property comprises 46,553 sq ft (4,325 sq m) of leisure space let to Virgin Active for a term of 25 years from 22 November 1999 at a passing rent of £661,915 p.a, subject to 5 yearly upwards only rent reviews to the higher of open market rental value or at November 2014 - £754,583 p.a and at November 2019 - £860,224 p.a.
Contact
Simon Lewis
Tel:
020 7493 3330
Mob:
07831 527 960
slewis@lewisellis.co.uk
James Caddick
Tel:
020 7493 3330
Mob:
07771 882 860
jcaddick@lewisellis.co.uk
