Long income leisure asset let to 2 operators

Rare opportunity to acquire a prime long-income leisure destination in the UK’s 4th largest city, fully-let to two of the country’s premier leisure operators. The property comprises a best in class new-build bespoke golf entertainment and driving range facility let to Topgolf, together with a new-build standalone industrial unit let to PureGym. Topgolf’s premises extends to 48,369 sq ft arranged over three floors providing 72 driving bays on a 12.09-acre site, whilst PureGym’s premises extends to 13,350 sq ft over ground and mezzanine levels on a 0.71-acre site. Total floor areas of 61,719 sq ft over 13.98 acres. Topgolf is let on a 20-year lease expiring on 13 November 2042 (providing an unexpired term certain of 17.7 years), at a passing rent of £1,710,000 p.a, subject to 10% rental uplifts effective every 5 years. PureGym is let on a 15-year lease expiring on 12 January 2040 at a passing rent of £175,500 p.a, subject to a break option on 12 January 2035 (providing an unexpired term certain of 10 years) and 5 yearly CPI-linked rent reviews (1% collar and 3% cap). Total passing rent of £1,885,500 p.a. with an income profile of 91% secured to Topgolf and 9% secured to PureGym. Outstanding Weighted Average Unexpired Lease Term Certain (WAULTC) of 17 years.