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DLL completes sale and leaseback of Newbury property

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David Lloyd Leisure (DLL) has completed the sale and leaseback of its health and fitness property in Newbury, Berkshire for £17.6m (US$23.4m, €19.5m).

The freehold property was bought by Orchard Street Investment Management on behalf of a pension fund client and was structured whereby DLL has agreed a 30-year lease subject to annual RPI-linked rent reviews.

The 59,000sq ft (5,481sq m) club, which opened in December 2015, sits on a 4.5 acre site and includes indoor and outdoor tennis courts, squash courts, indoor and outdoor swimming pools, spa facilities, a fitness centre, a members lounge and children's club, in addition to an on-site café-restaurant and 180 visitor parking spaces.

The property is situated in a predominantly residential area two miles south of Newbury’s town centre.

“We are continuing to witness an outstanding appetite from investors for sale and leaseback properties in the leisure sector,” said Mark Sheehan, managing director of Coffer Corporate Leisure, which acted on behalf of DLL. “Buyers like stability of trade and long-term indexed income which leisure leases often provide. These transactions provide tenants with great prospects to free up capital to reinvest into their portfolio.”

Tom Chadwick, Orchard Street investment transactions manager, said: “The supply of 30-year income with annual RPI reviews is very limited so we are pleased to add this first class asset to the portfolio. This latest David Lloyd facility has firmly cemented its position as the leading fitness club in the wider area, experiencing robust client demand since opening, and we have high confidence in its prospects for continued growth.”

Orchard Street acquired the freehold of a Virgin Active gym in Wandsworth, London for £13m (US$17.3m, €14.4m) in March. The commercial property investment company said it had “no current plans to acquire” any other gym properties.

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David Lloyd Leisure (DLL) has completed the sale and leaseback of its health and fitness property in Newbury, Berkshire for £17.6m (US$23.4m, €19.5m).
HAF
Mark Sheehan is managing director of Coffer Corporate Leisure, which acted on behalf of DLL

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