The Nine Elms area of London’s South Bank has been one of the most important regeneration projects of recent years, and was a key factor in driving up the value of this leisure property. Recognising the promise of accelerated value that this location would deliver, in addition to the up and coming budget gym sector, we acquired the 19,000 sq.ft. property, let to PureGym Limited on a 20-year lease, for £2.55m in 2013. Post acquisition, PureGym secured its place as the UK’s leading gym operator, and the asset was sold in 2017 for £4.35m (5.06%), doubling investors’ money in 4 years.
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“The Nine Elms and Battersea story has been phenomenal and PureGym continues to go from strength to strength. These two dynamics were key to our business plan. This deal highlights the importance of investing in sub-markets and covenants at the right time.“
Ashley Wilcox, Director, Riverside Capital.