65-71 LONDON RPI LINKED - LEISURE INVESTMENT - The Landsite
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65-71
Lewisham high Street
london SE13
RPI LINKED
LONDON
LEISURE INVESTMENT
On the instruction of:
65-71
High Street Lewisham SE13
INVESTMENT
SUMMARY
PRIME LEWISHAM TOWN CENTRE NEW VIRTUAL FREEHOLD INTEREST
LEISURE INVESTMENT
LOW PASSING RENT OF
15,198 SQ FT £175,000 PER ANNUM,
REFLECTING £11.51 PSF
(1,411.9 SQ M) GIA OF HIGHLY SPECIFIED
HEALTH & FITNESS ACCOMMODATION
CAPITAL VALUE OF ONLY
SINGLE LET TO PURE GYM
£178 PER SQ FT
PROMINENT GROUND FLOOR ENTRANCE
FRONTING LEWISHAM HIGH STREET
NET INITIAL YIELD
20 YEAR LEASE FROM JULY 2017
(TENANT OPTION TO BREAK IN YEAR 15)
OFFERS IN EXCESS OF 6.09%
£2,700,000
TENANT SPENT
£1.3M ON THE FIT OUT,
EXCLUDING EQUIPMENT
EXCLUSIVE OF VAT,
5 YEARLY RPI LINKED RENT REVIEWS
CAPPED AT 4% & COLLARED AT 2% SUBJECT TO CONTRACT
65-71
High Street Lewisham SE13
LEWISHAM
VIBRANT AND DIVERSE, LEWISHAM IS ONE OF
CENTRAL LONDON’S FASTEST GROWING BOROUGHS.
With a resident population of around 275,900 widely Lewisham benefits from excellent transport links
expected reach 318,000 by 2021, Lewisham has with Lewisham Station providing Southeastern train
become the destination of choice for upwardly services into London Victoria, Charing Cross and
mobile Londoners. Cannon Street and Lewisham DLR Station providing
direct access to Canary Wharf, Bank and Stratford.
Significant investment and regeneration over the
past ten years has transformed Lewisham into an
established residential, retail and leisure destination. LONDON BRIDGE 8 MIN
Today’s gentrified Lewisham is awash with CANARY WHARF 15 MIN
independent cafés, bars, delicatessens and restaurants WESTMINSTER 17MIN
as well as the award-winning Brockley Food Market. CHARING CROSS 19 MIN
WATERLOO 18 MIN
At the heart of Lewisham’s resurgence is the £375m
VICTORIA 23 MIN
Lewisham Gateway project. One of the largest
regeneration projects in south east London, Lewisham
Gateway is transforming the area into an established In addition, the A20 provides fast access to the
metropolitan centre providing a new heart for the A205 South Circular Road and links with the M25
town centre with new high-quality developments and to the south east.
major public realm improvements. Works include the Looking forward, there is growing support from
delivery of 900 new homes, new retail, restaurant and Transport for London to extend the Bakerloo
commercial space as well as traffic flow improvements line to Lewisham, giving access to the London
which will help re-connect the town centre with the Underground network and Oxford Circus in just
DLR and rail stations. 30 minutes.
LONDON O2 ARENA
LEWISHAM
BRIDGE NORTH GREENWICH
SHOPPING
STATION ACCESS
CENTRE
WATERLOO LEWISHAM DLR
& NATIONAL RAIL CANARY
WHARF
CITY LEWISHAM
OF HIGH GREENWICH
LONDON STREET
65-71
High Street
Lewisham SE13
LEWISHAM
150M
OF TS
ER L
T OW
SITUATION
SITUATED AT THE NORTHERN END OF THE BUSY
LEWISHAM HIGH STREET, DIRECTLY OPPOSITE
THE NORTH SQUARE ENTRANCE TO LEWISHAM
SHOPPING CENTRE. NEARBY OPERATORS
INCLUDE: BOOTS, NATWEST, PADDY POWER,
SUBWAY, BARCLAYS AND HSBC. THE UNIT
IS SITUATED WITHIN A 5 MINUTE WALK OF
LEWISHAM RAIL STATION.
TENURE THE GYM FEATURES
NEW 999 YEAR LONG LEASEHOLD INTEREST, AT A PEPPERCORN,
24
TO BE CREATED.
2 HOUR
30
BIKE SPIN
STUDIOS
TENANCY OPERATION STUDIO
SINGLE LET TO PURE GYM ON A 20-YEAR FULL REPAIRING AND
DEDICATED BIOMETRIC
INSURING LEASE FROM 31 JULY 2017 EXPIRING 30 JULY 2037. MALE & FEMALE FINGERPRINT SYSTEM
THE LEASE PROVIDES FOR 5 YEARLY RENT REVIEWS CAPPED CHANGING ROOMS FOR ADDED SECURITY
AT 4% AND COLLARED AT 2%.
Current passing rent of £175,000 per annum reflecting £11.51 per sq ft overall.
Tenant Only break option in year 15 upon 6 months written notice.
COVENANT
Pure Gym Ltd. (company number 06690189) was established in 2009 and has since grown
to be Britain’s largest gym chain by membership with over 1 million members nationwide.
To date, the company has over 260 gyms across the United Kingdom. Following acquisitions
in on the continent, the business is now the second largest gym and fitness operator in
Europe, with approximately 1.7 million members at the end of 2019 and over 500 sites
across the UK, Denmark, Switzerland and Poland. Pure Gym achieved at turnover of over
£198 million in 2019. VAT
THE PROPERTY IS
ELECTED FOR VAT EPC
Experian Rating: Year Ending Year Ending Year Ending AND IT IS PROPOSED
“Very Low Risk” 31st December 2019 31st December 2018 31st December 2017 AN EPC IS
THAT THE SALE WILL AVAILABLE
Turnover £197,998,000 £226,086,000 £256,269,000 BE TREATED AS A ON REQUEST.
Pre-Tax Profit £23,394,000 £44,972,000 £34,841,000 TRANSFER OF A
Tangable Net Worth £26,292,000 £48,561,000 £38,695,000 GOING CONCERN.
PROPOSAL OFFERS IN EXCESS OF
£2,700,000
REFLECTING A NET INITIAL YIELD OF 6.09%
ASSUMING PURCHASER’S COSTS OF 6.44%.
VI E WGEIMN GS .
E T O N LY
N
BY A R R A N
JAMIE WHITELAW MARK BOLTON
0207 494 6948 020 7614 0900
jw@cwm.co.uk mark.bolton@strettons.co.uk
JIM REMFRY SCOTT WARD REECE
0207 494 6936 020 7614 0902
jr@cwm.co.uk scott.wardreece@strettons.co.uk
MISREPRESENTATIONS ACT:
CWM & Partners LLP and Strettons Limited for themselves and for the vendors/lessors of the property whose agents they are, give notice that: 1. These particulars
are set out as a general outline for the guidance of the intended purchasers or lessees, and do not constitute part of, an offer or contract; 2. All descriptions,
dimensions, reference to, tenure, tenancies, condition and necessary permissions for the use and occupation, and other details are given without responsibility and
any intending purchaser or tenant 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; 3. No person in the employment of CWM & Partners LLP and Strettons Limited has any authority to make or give any representations
or warranty in relation to this property. JULY 2020
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