Wednesday, March 9, 2016

News: Investor strikes a deal for Rotherham leisure site


The Oasis health club and Rotherham Superbowl have been sold out of administrative receivership, saving a number of jobs.

Properties in Rotherham and Grimsby have been sold to Sheffield businessman Ashfaq Ahmed, a director at Sheffield Foods (UK) Limited, who intends to invest and develop the businesses further.

The deal, for an undisclosed sum, was carried out by specialist property adviser Christie & Co on behalf of PwC, the administrative receivers to Keith Brown Properties (Hull) Ltd.

A large portfolio of hospitality and leisure businesses was brought to market by Christie & Co in 2013. The disposals marked the retirement of Keith Brown from the leisure and hospitality property industry, after 25 years in the sector.

The freehold of the Rotherham Superbowl at Kimberworth was a guide price of £395,000 whilst the health club in the same building has a guide price of £1.125m. The freehold of the adjacent 52-bedroom budget hotel was also made available and was acquired by London based Morar Hospitality Ltd.

The 24 lane bowling alley also includes two bars, an arcade and Wimpy outlet. Following a £500,000 fitness suite extension, the Oasis Health Club includes a gym, pool and jacuzzi, class studio, beauty salon, hairdressers and a cafĂ©.

Lyn Vardy and Toby Underwood of PwC were appointed as joint administrative receivers of Keith Brown Properties (Hull) Limited on June 10 2014.

Jon Patrick, head of leisure and development for Christie & Co, said: "Significant interest was generated in these freehold and long leasehold businesses on an individual basis.

"However, the opportunity to deliver a sub-portfolio going concern disposal, following the sale of all the other trading health clubs and tenpin bowling centres within the administration, provided the optimum solution, as well as safeguarding jobs.

"The sale of the Oasis health clubs and the Superbowl provided an excellent investment opportunity for the incoming buyer. The businesses had the benefit of knowledgeable and experienced staff and with future investment they are well positioned to capitalise on their local market positions."

Rotherham Superbowl website

Images: Rotherham Superbowl


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