Blue Marble Asset Management has sold the freehold of a Hartlepool gym for close to the asking price of £1.4 m, representing a net initial yield of just over 3.75%.
Acting on behalf of Pemberstone, Tim Matthews, chief executive of Birmingham-based real estate asset management company Blue Marble, sold the freehold investment in The Gym Group building, on Harbour Walk, to an unnamed private overseas investor.
Constructed in 2000, the building is a 25,263 sq ft detached unit over two floors, currently fitted out as a health and fitness centre in a prominent location next to Hartlepool Marina.
It was extensively refurbished, to the tune of £1m, by the tenant in the last three years, and is let to The Gym Group on a lease with over 80 years remaining, at a passing rent of £55,829pa.
Mr Matthews said: “This is an excellent deal for us and our client at a sub 4% net initial yield. It underlines the strength of demand among investors for long-term income-producing investments.
“It is also a very good example of how our individual active asset management plans for each of our clients’ investment properties can deliver strong returns.”