Hartlepool gym sold to private overseas investor for close to £1.4m

A gym in Hartlepool has been sold for close to the asking price of £1.4m by Blue Marble Asset Management.

Acting on behalf of Pemberstone, Tim Matthews, chief executive of Birmingham-based real estate asset management company Blue Marble, sold the freehold investment in The Gym Group building on Harbour Walk to an unnamed private overseas investor.

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 next to Hartlepool marina.

The property has undergone £1m refurbishment in the last three years, and is let to The Gym Group on a lease with over 80 years remaining, at a passing rent of £55,829pa.

Mr Matthews said: “This is an excellent deal for us and our client at a sub 4% net initial yield. 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 £100m of property assets under management.