APT Asia Pacific Pty Ltd
APT (Advanced Polymer Technology) is the leading global manufacturer of polyurethane-based materials, acrylic coatings and synthetic turf products for sporting and recreational applications. From…
read moreFitness club locations in sought-after suburbs in Melbourne and Sydney are being sold for redevelopment - with developers paying a premium for the sites.
With land values rising in both cities, developers are looking to acquire sites for high density residential living.
A recent deal saw an investor pay $10.53 million for a property at 1-3 Coleman Parade in the Melbourne suburb of Glen Waverley - that is currently home to a Fitness First club.
The new owner apparently has their an eye on the long-term future development potential of the 3,367 metre² site in a sought-after suburban school zones, with selling agent Tom Noonan suggesting that the new owner will look to develop the site when Fitness First’s lease expires.
In May, a group of high-profile investors, including Allen Linz of Rebel Property Group and developer Robert Magid, sold the 3,150 metre² site of Fitness First’s Sylvania club in Sydney's Sutherland Shire for an undisclosed sum – believed to be in the region of $20 million.
In April, Chinese-backed developer ICD Property paid $15.6 million for a Fitness First gym on a 9,057 metre² site in Highett in Melbourne's south eastern suburbs.
All three sites were sold with 10 or 11-year leases in places to the global gym chain.
Colliers International selling agent Noonan, who marketed both Melbourne gyms with colleague Jeremy Gruzewski, told Fairfax media “gyms have traditionally not been on investors' radars.”
Noonan added that tightening yields were more a factor of investors recognising the longer term development potential of the gyms in their suburban locations than the lease covenants in place.
Noonan suggested that the Glen Waverley site could support a medium-density residential development of up to three stories when the lease expired.
Image show Fitness First Glen Waverley.
13th May 2015 - Fitness First opens first Melbourne High Performance Club on Collins Street
2nd September 2014 - Western Sydney mini golf attraction sold to property developers for $130 million
30th July 2013 - Plus Fitness appoints National Franchise Support Manager
30th October 2012 - Snap Fitness celebrates 100th Club opening in Australasia
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
APT (Advanced Polymer Technology) is the leading global manufacturer of polyurethane-based materials, acrylic coatings and synthetic turf products for sporting and recreational applications. From…
read moreHydrocare Pool Services Pty Ltd offer 30 years of experience in aquatic industry features, products and water treatment. Hydrocare Pools has undertaken water treatment for aquatic centres and…
read moreOtium Planning Group is a contemporary sport and leisure consultancy providing services in planning, facility development, management and funding for the sport, recreation and leisure industries…
read moreWith industry leading solutions in design and durability you can improve your facilities with our access control operations, payment systems and flexible personal locker storage solutions. Your…
read moreINTRODUCTION Abel Sports is Australia’s leading manufacturer and suppliers of Goal Posts, sports ground safety netting systems and coaches boxes for Stadiums ,Sports Clubs, Councils and…
read moreTicketSearch is focused on providing businesses, organisations, and venues with affordable, efficient, and powerful self-managed ticketing solutions. The organisation has offices in Australia, New…
read moreGet your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!