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16 May 2024 18:35
IN BRIEF: Conygar buys long-leasehold of Virgin Active gym site
Conygar Investment Co PLC - property investment and development group - Buys long-leasehold interest of site occupied by Virgin Active gym on the Great Northern Close at The Island Quarter in Nottingham. Conygar already owns the freehold of the site via the leasehold bought from Wood Pension fund. The purchase is for GBP5.9 million amid a signing of a new direct 25-year lease with Virgin Active at a rent of GBP600,000 per year with a 12-month rent free period spread across the first 24 months. "This will replace the rent received by Conygar from the long-leasehold, which amounted to 10% of the rent previously received by the Vendor from Virgin Active," Conygar explains.
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