Landmark site sold for £1.4m
Capital firm seals deal
An inconic Stirling building has been bought over.
Edinburgh property investment specialist SRA Ventures announced this week that it had acquired the Stirling Puregym building in a £1.4m deal.
Missives for the 22,000 square foot Upper Craigs property were recently concluded and SRA Ventures will lease it to Puregym until 2030 at an initial rent of £115,000 per annum.
The building housed Riley’s Pool & Snooker Club and Donny’s Carpets before being converted into a gym earlier this year.
The move follows SRA’s £600,000 purchase of a two-storey retail property in Port Street in April, currently let to The Works.
SRA Ventures, founded and owned by Shaf Rasul, said Stirling represents an excellent platform for growth after being named the best city in Scotland to start a new business in a recent study.
Mr Rasul said: “As the leading provider of 24/7 gym facilities, Puregym is a fantastic chain to work with and we have great belief in its future following a period of rapid expansion since 2008.
“It’s no coincidence that Puregym is now the UK’s largest operator of its kind, with 169 premises and 820,000 members on its books.
“While Brexit has seen the business curtail plans to raise £190m from listing on the stock exchange, we are confident that it retains a recession-proof business model that will continue to flourish.
“We are equally confident that it will prove to be an exceptional tenant for SRA Ventures over the years to come thanks to a close, mutually beneficial relationship that offers top leisure facilities to local people.”