23 December 2016
Custodian REIT acquires a 37,598 sq ft health and fitness centre on George Eastham Avenue, Stoke-on-Trent
Custodian REIT is pleased to announce a further property purchase.
The Company has acquired a 37,598 sq ft health and fitness centre on George Eastham Avenue, Stoke-on-Trent, located at the junction of the A50 and A500 which links to junctions 15 and 16 of the M6. The property is adjacent to the Stoke City Football Club stadium, a Holiday Inn, Harvester and Audi, Lexus and Volkswagen car dealerships.
The unit is let to Greens Health & Fitness Limited (trading as Nuffield Health) on a lease expiring on 18 April 2025, with current passing rent of £349,209 per annum reflecting a net initial yield of 6.75%.
The agreed purchase price of £4.855 million, was funded from the Company’s existing debt facilities, resulting in net gearing increasing to 18.0% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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