About this property
Aylesbury is a large ancient market town and county town of Buckinghamshire. It is a major commercial centre and commuter town situated 37 miles north-west of London. Aylesbury benefits from good road communications. The A41 trunk road out of London passes through the town. The M40 motorway lies 15 miles to the south-west and the M25 motorway some 20 miles to the south-east. There is a regular London rail service from the town to Marylebone.
The population of the urban area of Aylesbury has grown significantly since the 1960’s to around 72,000, due to new housing developments around the town. Anticipated future developments are expected to raise the population of the town to around 100,000 by 2023.
The property lies in a district of Aylesbury known as Fairford Leys, a private housing development comprising some 1900 homes built around 2000 on the western edge of the town, approximately 1 mile west of the town centre. In addition to the health club, the district is served by a small shopping centre with a supermarket and restaurants, a childrens’ nursery and Church/community centre. There is a Tesco Extra supermarket nearby, located within a swathe of land in industrial and commercial use, just north of Fairford Leys.
The property comprises a high quality stand alone health & fitness club incorporating a swimming pool, constructed in 2003. The building is of steel frame construction with brick elevations under pitched and tiled roofs. The club is fitted out to a high standard, and benefits from a full range of facilities including:
• Large open plan gym area
• Fitness studios
• Heated indoor swimming pool
• Sauna/steam room
• Spacious changing rooms
• Indoor cycle spin studio
• Members’ café/refreshment area
• Outdoor seating
The building extends to a total gross internal floor area of 2367.6 sq m (25,485 sq ft) arranged over ground and first floors.
The property occupies a site which extends to 0.85 hectares (2.10 acres). There is an external car park solely serving the club and providing a total of 150 regular and accessible spaces.
The whole site is held by way of a long ground lease for a term of 150 years from 21 November 2001 at a ground rent of £1 per annum.
A wayleave agreement has been entered into between the long leaseholders and National Grid Company Limited in respect of the overhead power lines that run over the car park to the east of the club building.
The property is let in its entirety to Nuffield Health (on assignment in 2014 from Nuffield Health Wellbeing Limited) on a full repairing and insuring lease for a term of 55 years from 4 September 2002, i.e. expiring 3 September 2057. There are tenant only breaks 3 September 2032 and 2037.
The current rent is £260,000 per annum (£109.82 per sq m/£10.20 per sq ft). The lease benefits from CPI-linked rent reviews 3 September 2022 and five yearly thereafter subject to a minimum increase of 1.5% and a maximum increase of 3.0% compounded annually. The rent at review in September 2022 is calculated by reference to the movement in the CPI from July 2017 to July 2022 and will be a minimum of £280,093.84 per annum.
The tenant agreed to the removal of a tenant’s only break option September 2027 and the introduction of CPI linked rent reviews in return for a rent free period of nine months from 1 April 2020 to 31 December 2020. The Deed of Variation to the lease was completed on 12 March 2021.
The tenant agreeing to the removal of the break option in 2027 shows their confidence in the long term strength of the business operated from this property.
From our enquiries, the property has a rateable value of £241,000. Interested parties are advised to verify this figure with the Local Authority.
Each party to bear its own legal costs.
Nuffield Health (company no. 00576970) is the largest healthcare charity in the United Kingdom with:
• 113 Fitness & Wellbeing Clubs
• 360,000 gym members
• 31 Hospitals
• 5 Medical centres
• 153 on site corporate facilities
Nuffield Health is a registered charity and not for profit organisation, reinvesting all profit in their gyms, medical centres, hospitals and staff. Its objective is to advance, promote and maintain health & healthcare of all descriptions and to prevent, relieve and cure sickness and ill health of any kind, all for the public benefit.
This structure of Nuffield Health is unique in the leisure and gym sector, and whilst the Covid-19 pandemic has impacted the gym operation of the organisation, its healthcare provision has remained strong and it is generally accepted that independent healthcare provision will become more important in the future.
Nuffield Health has reported the following figures:
Year ended 31/12/19 Year Ended 31/12/18
EBITDA £99.5m £100m
Surplus before exceptional items £16m £17m
Net assets £40.9m £64.2m
The UK Health & Fitness sector is a growth area, with more gyms, more members and a greater market value than ever before. Only Germany has more gyms than the UK in Europe. There are now 6,700 fitness facilities in the UK, with a total membership of 9.7 million.
ENERGY PERFORMANCE CERTIFICATE
The property has an EPC Rating of B-34. A copy of the EPC is available on request.
Viewing is strictly by prior arangement with YoungsRPS, sole agents. To arrange a vgiewing or to obtain further information please contact:
Michael Blake. Tel: (0191) 2610300 or 07718 523060
Based on a sale price of £4,100,000 the total amount of stamp duty payable will be:
Last updated: The calculators have been updated following the end of the stamp duty holiday on 30th June 2021. Until the end of September 2021, it represents a staggered return to previous rates.
* This value is based on the standard rate and not applicable to first-time buyers or buy-to-let / second home buyers.