The property is situated in Hendon, which is approximately 8km (5miles) to the north west of Central London, in a popular suburban residential area.  The premises are entered from Hendon Circus with the Northern Line running close to the eastern boundary.

The subject property comprises a health and fitness club created from the conversion of a former cinema. It is part of a larger building, which provides ground floor shops, some offices, a student / travellers’ hostel and residential flats, all these other parts being outside the property’s demise.

The property is let to Holmes Place Plc and assigned in March 2000 to Holmes Place Health Club Limited by way of a 35 year full repairing and insuring lease from the 27^th May 1997 with reviews every 5 years subject to the increase in the retail price index, the rent at completion of the sale will be £185,400 per annum.

The property is substantially underlet and we believe the current estimated rental value to be in the order of £256,000 per annum (£9.50 psf).

Tenure: Head leasehold for a term of 999 years from May 1997 at a peppercorn if demanded

We are instructed to seek offers in the region of £3,000,000 subject to contract for our clients offshore SPV which will reflect a net initial yield of 6.07% assuming costs of acquisition at 1.75%.

 

The premises are located within Eastern Industry, an established industrial suburb of Peterborough with frontages to Royce Road. The property comprises a single storey detached industrial/warehouse property in four bays of steel frame construction incorporating four loading doors from the side elevation and one loading door fronting Royce Road. To the front elevation there are two storey external offices of brick construction with flat roof providing general office and WC accommodation. The property is let to BI Group Plc for a term of 25 years from the 25th March 1992. The rent passing at present is £324,588 per annum.

For the year ending December 2001, the company posted a turnover of £6.7million with a pre-tax profit of £5.05million and net current assets of £251.12million with shareholder's funds of £210.67million.

Tenure : Freehold. Price : We are instructed to seek offers in the region of £3,250,000 subject to contract. Net initial yield 9.8% approx for the SPV Vehicle assuming costs at 1.75%.