Hamilton leisure club and Edinburgh car storage facility part of £87 million property acquisitions

A David Lloyd leisure club in Hamilton and a car storage facility in Edinburgh are among a string of UK assets acquired by a property fund in deals totalling £87 million.

Stock market-listed LXi REIT, which is one of several quoted real estate investment trusts, has bought the David Lloyd centre for an undisclosed sum as part of the acquisition spree.

Facilities at the health and racquets club, which extends to 100,000 square feet, include an aerobics studio, fully equipped gym, indoor heated pool, sauna, steam room, four badminton courts, seven indoor and three outdoor tennis courts, six treatment rooms and a hair salon.

The property is fully let to David Lloyd Leisure with 25 years unexpired until first break. Bosses noted that the passing rent was an “exceptionally low” £6.70 per sq ft and increases annually in line with RPI inflation, capped at 4 per cent per annum.

Stock market-listed LXi REIT has bought the David Lloyd centre in Hamilton as part of the acquisition spree.

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The firm added: “The property trades strongly and is well located in Hamilton, a popular commuter town serving Glasgow. David Lloyd is one of Europe’s leading health, sport and leisure groups, operating 122 clubs.”

The fund has also acquired a customer service, car storage and repair and maintenance facility in Edinburgh, by means of a sale and leaseback with online motor retailer Cazoo.

The property is fully let to Cazoo on a new, unbroken 20-year lease with five yearly CPI-linked rental uplifts.

Among the other assets acquired by LXi REIT are a 44-bedroom Premier Inn hotel in Exeter, a two-storey car park in York and three Co-op convenience stores, in Norwich, Aston and Washington.

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