A well-known Hartlepool venue is in new hands.
Blue Marble Asset Management has sold the freehold of The Gym Group building in Harbour Walk to an unnamed private overseas investor for close to the asking price of £1.4million, representing a net initial yield of just over 3.75%.
This is an excellent deal for us and our client.Tim Matthews
The gym operation is unaffected, with more than 80 years still to run on the lease.
Tim Matthews, Chief Executive of Birmingham-based real estate asset management company Blue Marble, sold the freehold on behalf of Pemberstone.
The Leeds office of CBRE advised Blue Marble.
Constructed in 2000, the building is a 25,263 sq ft detached unit over two floors, currently fitted out as a health and fitness centre in a prominent location next to Hartlepool marina.
The former Springs gym, it was extensively refurbished, to the tune of £1million, by the tenant in the last three years.
“This is an excellent deal for us and our client at a sub 4% net initial yield,” said Mr Matthews.
“It underlines the strength of demand among investors for long term income producing investments.
“It is also a very good example of how our individual active asset management plans for each of our clients’ investment properties can deliver strong returns.”
Blue Marble Asset Management is a real estate asset management specialist which presently has more than £100million of property assets under management.