We've had a longstanding involvement with this property having sold it for a faith group to a US-based investor, and then arranged the letting to Pure Gym.
Prior to concluding the letting our client explored the option for conversion to residential. With little fenestration and freeholder's consent required though, a letting of the space to a commercial operator was always going to prove more straightforward. We introduced Pure Gym - the largest gym operator in the UK with 320 sites nationwide. Pure Gym took the 6,500sqft unit on a 15 year lease at an initial rent of £85,000pax with fixed uplifts throughout the term.
Once fitted and trading we were instructed to sell the virtual freehold investment. Terms were agreed with a private investor buying via his SIPP, and the sale completed in the third quarter of 2022 at £1.225M - a NIY of 6.6%.
PROJECT ADDRESS: Unit 2, 191-199 Southampton Way, Camberwell, London SE5 7EJ
