Derby retail park gym unit changes hands for £1.3m

A retail park unit in Derby let to a gym operator has changed hands in a deal worth £1.3m.

Connect Derby Properties has acquired the unit at Southgate Retail Park from a private seller. Bond Wolfe acted for the vendor.

The 11,643 sq ft unit has been let to The Gym Group since 2011 on a reversionary lease until March 2031. It currently generates a passing rent of £97,344 per annum, representing £8.36 per square foot.

Southgate Retail Park spans 48,000 sq ft of retail space and is anchored by a Lidl supermarket.

James Mattin, managing director at Bond Wolfe, said: “We are pleased to announce the sale of this key retail investment on Southgate Retail Park. The property went under offer very quickly after we received multiple bids, demonstrating further evidence of the demand for these types of assets from the private investor market.

“We are shortly releasing a number of similar opportunities in the area and would be pleased to discuss specific requirements from investors looking for opportunities.”