241- 245 Bay Road, Cheltenham
FOR SALE BY EXPRESSIONS OF INTEREST Thursday 16th March at 3pm
Fitness First Bayside, located at 241-245 Bay Road, Cheltenham is being sold via an Expression of Interest campaign closing at 5pm on Thursday, 16th March, 2017. The property is being sold through local agent Nichols Crowder, in conjunction with CBRE.
Matt Nichols, Managing Director of Nichols Crowder, says, “With the current lease (no option) not due to finish until January 31st, 2025, this represents a great long-term investment opportunity for the new owner. Fitness First is a leading player in the domestic fitness industry with 65 gyms, while its UK-based parent company is also providing bank and corporate guarantees for future rent payments.”
The Fitness First Bayside building is 5,335sqm on a site of 9,057sqm, with on-site parking for around 195 cars. It contains multiple gym and exercise rooms and facilities, a full-size heated swimming pool, and an on-site café.
Fitness First Bayside is surrounded by other high quality businesses, and is located a short distance from several exclusive and affluent Bayside suburbs, including Sandringham, Black Rock, Hampton and Brighton. The nearby up-and-coming, family-friendly suburbs of Cheltenham and Highett are likely to be key catchment areas for the gym’s membership base.
Nichols continues, “Bay Road has developed nicely over the past few years with ALDI moving in and several major residential and mixed-use developments bringing more people into the region. The site’s close proximity to the Westfield Southland shopping centre is a bonus, which increases the property’s exposure.”
The base rent is over $1.19 million for the first year, with annual increases of 3% or CPI, whichever is greater. Zoned Commercial 2 (C2Z), and with additional street access via Avoca Street, the property has future additional development potential (STCA).
For more information, please contact:
Matt Nichols 0418 186 488
Julian Vautin 0420 406 660
James Glen 0401 493 277