Sports Direct Fitness, 69 Alcester Road, Kings Heath, Birmingham B14 7JG
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AP Investment has completed the acquisition of a retail & leisure investment in Kings Heath, Birmingham on behalf of a Deerline Ltd.
The building is used as a gym and has a swimming pool incorporated into the rear ground floor area. The overall site extends to 0.55 acres and includes a large customer car park which is accessed from Mossfield Road.
The property is let to SDI Fitness 2 Ltd for a term of 10 years from 15 July 2020. The rent is £130,000 per annum and is reviewable at Year 5 in line with RPI with c/c 1-3%. A guarantee is provided by Sportsdirect.com Retail Ltd for the first five years of the term.
The property was purchased for £1.26m, reflecting a net initial yield of 9.74%.
WHY acted for the vendor.
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