Birmingham investor sees off ‘stiff competition’ to acquire Bolton health club for £3.21m
A health and fitness club in Bolton has been acquired by a Birmingham-based real estate asset management company for seven figures.
Blue Marble purchased the freehold of the Total Fitness venue on Waters Meeting Road for £3.21m, acting on behalf of Worcester investment company Pemberstone.
The 83,356 sq ft centre is now let to Total Fitness Health Clubs Ltd on a new 20-year unbroken lease that started from completion of the sale.
Ed Jones, investment director at Blue Marble, led on the deal.
Advisory firms Wade & Company and Dove Haigh Phillips acted for Blue Marble and the vendor respectively.
Ed Jones said: “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.”
Blue Marble is based in Birmingham’s Colmore Business District and currently has over £70m worth of property assets under management.
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