Palace Capital’s lease agreed with Gravity Fitness is at an initial rent of £141,000 p.a., with a minimum increase every five years based on the changes to RPI, plus a percentage of turnover once it reaches £1.0m p.a.
The new activity center is expected to open in October 2019. Gravity Fitness will be guaranteeing the terms of the lease until December 2024.
In line with its repositioning strategy for Sol Northampton, Palace Capital will provide a six-month rent-free period and contribute towards the fit out of the unit. This contribution to the unit comes with the intention of continuing to attract high-quality tenants and to reinvigorate the leisure center, which comprises over 200,000 sq ft.
Neil Sinclair, Chief Executive at Palace Capital, commented: “The opening of a family focused entertainment venue will complement our growing offer, which includes a Vue Cinema, Accor Hotel, Fitness for Less and Soo Yoga, as we continue to implement our tailored asset management plan to let the remaining 21,000 sq ft.”