Blue Marble Asset Management (Blue Marble) has acquired a leisure investment in the shape of a health and fitness club in Bolton, Greater Manchester.
Acting on behalf of in-house client, Pemberstone Properties, Ed Jones, Investment Director at Birmingham-based real estate asset management company Blue Marble, acquired the freehold of the Total Fitness Club, Waters Meeting Road, Bolton, BL1 8TT, for £3,210,000, reflecting a net initial yield of 7.31%. Wade & Company advised Blue Marble Asset Management and Dove Haigh Phillips represented the vendor.
Located close to Bolton town centre, the modern health and fitness facility has a total floor area of 83,356 sq ft and is let to Total Fitness Health Clubs Ltd on a new 20 year unbroken lease which commenced on completion of the sale.
Mr Jones says: “We faced some stiff competition for this investment, however, we were able to add value from day one for our client by negotiating an additional five years to the lease taking it to a 20 year term.
“This is a good purchase for our client, providing long term income with fixed rental increases and it also helps balance its portfolio, acquiring its first leisure investment.”