Investors flex muscles as top gym site goes up for sale
The more than 1,400-square metre freehold site with prime frontage to busy Heretaunga Street West is home to a modern gym franchised to fast-growing fitness industry leader BFT.
Founded five years ago in Victoria, Australia, BFT – otherwise known as Body Fit Training – has sold over 300 franchises and has more than 50,000 members globally.
BFT lays claim to being Australia's fastest-growing and most advanced group fitness methodology. Its centres offer a scientifically specialised training product based on functional strength and high-intensity interval training to help people of all levels boost their fitness.
TMC Fitness Limited, trading as BFT, occupies the Heretaunga Street West site on a current lease that runs through to 2027 with a further five-year right of renewal.
The fully leased site generates an annual net rental income of $85,000 plus all outgoings and GST.
The lease agreement incorporates CPI rent reviews, or a two percent rent increase if higher than CPI, every 2.5 years. These are replaced by a market review at lease renewal.
The property at 1023 Heretaunga Street West, Hastings, is being marketed for sale through Mark Evans of Bayleys Napier and Rollo Vavasour of Bayleys Havelock North.
The site will go under the hammer at an auction on Friday 9 December, unless it is sold prior.
Evans said the approximately 533-square metre building was part two-storey and had been remodelled to a high standard for the international gym franchise with a modern residential apartment upstairs.
“The premises have undergone a significant new tenant fit-out for BFT resulting in a pristine fit-for-purpose facility with air-conditioning.
“The modernised, open-plan gym space on the ground floor is supplemented by the first-floor apartment plus balcony and rear garage,” Evans said.
The property has an Initial Evaluation Procedure seismic rating of 74 percent of new building standard.
It is well served by off-street parking for 23 vehicles behind the building.
“The excellent secure parking and dual access or drive-through capability will ensure the property’s appeal for a variety of future uses,” said Evans.
Vavasour said the site was part of the city’s Commercial Service zone under the Hastings District Plan and had high visibility to busy vehicle and foot traffic on Heretaunga Street.
“The property enjoys a superb Stortford Lodge location within the fringe of Hastings CBD with excellent profile and a well-positioned building on the site.
“Near neighbours include The Hub Cycles, Stephen Hill Motors, Bay Ford, Subway, Burger King and BP.
“High-profile Heretaunga Street is easily accessible and has good parking. This location is an excellent fit for the tenant, thanks to its close access to the surrounding residential area and commercial areas within central Hastings and the surrounding district, with direct access to the Hawke’s Bay Expressway,” Vavasour said.
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