Property investor flexes muscle with fitness club acquisition

Commercial property investment and asset management company Blue Marble has snapped up a health and fitness club in 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, in Bolton for £3.21m reflecting a net initial yield of 7.31%.

Located close to the town centre, the site has a total floor area of 83,356 sq ft and is let to Total Fitness Health Clubs on a new 20 year unbroken lease which started on completion of the sale.

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.”

Wade & Company advised Blue Marble Asset Management and Dove Haigh Phillips represented the vendor.