Fitness club acquired by Birmingham asset manager in £3m deal

Birmingham-based real estate asset management company Blue Marble has acquired a new leisure investment for an in-house client in a deal worth more than £3m.

Acting on behalf of Pemberstone Properties, the agency has acquired the freehold of the Total Fitness Club, Waters Meeting Road, Bolton, for £3,210,000. The deal reflects a net initial yield of 7.31%.

Located close to Bolton town centre, the modern health and fitness facility has a total floor area of 83,356 sq ft and is let to Total Fitness Health Clubs on a 20-year unbroken lease which commenced on completion of the sale.

Ed Jones, Investment Director at Blue Marble, 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.