Pensions Authority acquires recently completed David Lloyd health and fitness club

South Yorkshire Pensions Authority (SYPA), under the management of abrdn and advised by Savills, has bought the recently completed David Lloyd health and fitness club in Rugby for an undisclosed sum.

The property has a site area of approximately five acres (two hectares) and a gross internal floor area of c.62,592 sq ft (5,815 sq m). Coffer Corporate Leisure acted for the vendor.

David Lloyd Rugby is situated in the new ‘Houlton’ residential scheme on Houlton Way.

James McLean, fund manager of the South Yorkshire Pensions Authority (SYPA), says: “The asset was attractive to SYPA given that it provides long let indexed income in an area of the market we believe has strong underlying demand. The property provides ESG characteristics which is a major consideration for any new SYPA acquisitions.”

George Trimmer, associate in Savills investment team, said: “This strong trading asset, let to David Lloyd Leisure Limited for 30 years with indexation, is a fantastic acquisition for our client. Following a quick bounce back post-Covid-19, the outlook for the UK’s fitness sector looks bright, supported by positive market trends and the growing strength of premium operators in regional markets. Consequently, health and fitness clubs occupy a strong position in the UK’s alternative investment market.”

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