Nectar Completes Re-Structuring of Fitness Centre in Worcester

Thursday, July 16th, 2015

Nectar has been able to negotiate a lease re-gear with Nuffield Health relating to a fitness centre in Worcester, while at the same time conducting a successful refinancing of the property.

 

The property is now let to Nuffield Health on a lease expiring in 2037 with fixed increases. In parallel with the lease re-gear, Nectar AM were able to arrange financing from Santander UK in order to be able to re-finance the existing debt that was taken out in 2002 with Bank of Scotland. Colliers provided advice to the landlord. Andrew Stride from Dunlop Heywood acted for Nuffield Health.

 

Thomas Borg, Danish Director of Nectar comments “This was an extremely complex deal involving a number of parties, and demonstrates the broad range of solutions that we can deliver to our clients. All parties involved are now extremely satisfied with the outcome of the deal, with the tenant having received a reduction in rent, the previous financing partners having been re-paid in full, and the landlord having received an uplift in value and certainty of income growth for the next 22 years”.