John Leasure, a partner within the Hamlins real estate group, is delighted to have acted for Palace Capital on a major leisure letting at its retail centre at Sol Central, Northampton to a member of the Gravity Fitness group.
The unit comprises 23,500 sqft (representing 53% of the total current vacant space at the centre) and is spread over two floors. The lease was granted at an initial rent of £141,000 p.a. and included top-up turnover rent provisions.
The tenant is a well-known indoor family activity operator and its existing sites (which include Bluewater Shopping Centre) offer trampolining, bowling, indoor golf and climbing.
Palace Capital’s Executive Property Director, Richard Starr, commented “Gravity Fitness is an exciting British company. Having met the executive team and seen the operation in action, I am in no doubt that they will add considerable footfall to Sol Northampton, further broadening its appeal to a wide catchment. The opening of a family focused entertainment venue will complement our growing offer, which includes a Vue Cinema, Accor Hotel, Fitness for Less and Soo Yoga, as we continue to implement our tailored asset management plan to let the remaining 21,000 sq ft”.
Richard noted: “As usual, Hamlins’ firm grasp of the commercial issues involved and their commitment to driving the transaction forward on challenging timescales was much appreciated”.
Palace Capital plc is listed on the main market of the London Stock Exchange and has a diverse property portfolio across the UK in excess of £280m. A combination of disciplined investment strategy and keen insights into sectors and regional markets has allowed it to continue to consistently grow its holdings. For more information on Palace Capital please see https://www.palacecapitalplc.com.
John Leasure noted: “Hamlins has a long history in assisting Palace Capital achieve their investment objectives and it was a pleasure to once again work closely with Richard and his team to deliver a successful outcome on this project”
Gravity Fitness were advised by Irwin Mitchell LLP