OLIM Property have bought the Nuffield Health and Fitness Centre at Gosforth Park Way, Newcastle for £4.675m at a net initial yield of 7.1% for a discretionary pension fund client from overseas investors. Lindley Mortimer acted for the vendor and Stephenson Day and Kitchen La Frenais Morgan for the purchaser. The solicitors were Sherrards, and Shepherd and Wedderburn.
This freehold property totals 37,652 sq. ft. and is let on a full repairing and insuring lease expiring in February 2027 at a rent of £350,000 p.a. (£9.36 per sq. ft.). The rent will rise to the higher of open market value or £365,000 p.a. in 2017 and £375,000 p.a. in 2022. Completion took place four days after terms were agreed and solicitors instructed.