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LaSalle Investment Management, an independent subsidiary of US-based real estate giant Jones Lang LaSalle, has given a large vote of confidence to the trajectory of the UK health and fitness sector with a £9m investment in two Virgin Active health clubs.
A LaSalle spokesperson said the growing appetite for health and fitness across the UK made the clubs – near Glamorgan and Manchester – an “attractive investment proposition”. The purchase from Threadneedle Property Investments, with which Virgin Active has 22-year leases on each site, saw LaSalle pay £9m to purchase a combined 205,618sq ft (19,103sq m) of health club space, reflecting a 6.63 per cent net initial yield.
The first property is the 80,162sq ft (7,447sq m) Glamorgan Health and Racquet Club, situated eight miles north-east of Swansea. The second is the 125,456sq ft (11,655sq m) flagship Lancashire Health and Racquet Club located five miles north-east of Manchester and five miles south-west of Rochdale. Both sites feature an indoor heated swimming pool, external heated swimming pool, indoor and four external tennis courts, squash courts, gym, aerobic studios, steam room and spa, crèche, health and beauty salon, café and bar.
“Health and fitness is becoming a national obsession, so demand for high quality lifestyle facilities is increasing across the UK,” said LaSalle retail asset manager Charlotte Watkins.
“VirginActive is an established brand with a loyal following and this, coupled with the lack of leisure facilities in these neighbourhoods, made it an attractive investment proposition capable of generating stable long term returns.”
LaSalle Investment Management was represented by B8 Real Estate and CBRE, while GVA represented Threadneedle Property Investments.
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