£15m North London leisure investment sale

November 12, 2010

A private Danish syndicate, represented by Edgerley Simpson Howe and Hunter Property Investment, has sold a freehold leisure investment in Mill Hill, North London to ING for £15.16 million, representing a net initial yield of 6.37%.

The 46,331 sq ft, three-floor building, is let to Virgin Active at a passing rent of £1,024,420 and with 27.5 years remaining on the lease.

Jamie Naughton of Edgerley Simpson Howe comments: “This is one of very few Health and Fitness transactions completed this year. The location and lease length helped to generate significant interest in a market few investors have considered since the downturn.”

Saskia Hunter of Hunters comments: “The number of offers generated shows us that yield and income deals are popular with a wide spectrum of the market.”

Edgerley Simpson Howe and Hunter Property Investment Limited advised the vendor; ING was self represented.

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