FLYEfit, Whitehall Works, Upper Drumcondra Road, Drumcondra, Dublin 9, D09W2F7

Cushman and Wakefield are delighted to present an excellent investment opportunity to purchase a 1,600 sqm gym leased to FLYEfit in Drumcondra. FLYEfit Drumcondra provides an excellent opportunity to acquire a high profile 2-storey leisure facility with a strong covenant. The property is leased to FLYEfit Eight Ltd with FLYEfit Group Ltd acting as the Guarantor, on a 20-year lease from March 2017 (Expiry March 2037) at a passing rent of €120,000 per annum. The lease includes stepped rent reviews, increasing to €160,000 per annum in 2027 and €210,000 per annum in 2032. The units extend to approx. 1,600 sqm (17,222 sq ft) and is laid out to provide a spacious open plan gym floor, incorporating a wide range of cardio and strength equipment, dedicated free weights areas and functional training rooms. Ancillary accommodation includes changing rooms with shower facilities, staff amenities and plant/storage areas. FLYEfit has operated in Ireland for over 14 years and has 21 gyms across the country. Turnover for year end December 2023 was €27.5m and net assets of €16.7m. Cushman and Wakefield are quoting an attractive guide price of €1,800,000 reflecting a NIY of approx. 6% after deducting standard purchaser costs of 9.96%. This rises to 8% in 2027 and then to 10.6% in 2032.