Sale of Virgin Active gym at The Island Quarter
Sold Virgin Active gym at The Island Quarter, Nottingham for £6.75m to repay debt.
- Sale price £6.75m
- Loss on sale £750,000
- Previous valuation (March 2025) £7.5m
- Purchase price (May 2024) £5.90m
- ASK Partners loan to be partly repaid £12m
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The Conygar Investment Company PLC ('Conygar') announces that it has unconditionally exchanged contracts to sell the site occupied by the Virgin Active gym at The Island Quarter, Nottingham to Monoprop Limited, a property investment company. Completion will follow in one month's time.
The sale price is £6.75 million in cash and the net proceeds will be used to partly repay the £12 million ASK Partners loan secured against the wider site.
The Group will record a loss of £750,000 from the transaction based on the March 2025 accounts valuation of £7.5 million. For the year ended 30 September 2024, the holding company of the Virgin Active gym recorded a net loss of £67k (inclusive of interest paid on the ASK Partners loan).
Christopher Ware, Managing Director of Conygar, commented:
"This sale represents a good piece of asset management for the team having purchased the long leasehold interest for £5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.