Latest acquisition for entrepreneur
Rasul’s SRA Ventures in £1.4m gym deal
Scots entrepreneur Shaf Rasul’s company will lease back the 22,000 sq ft Upper Craigs property to PureGym until November 2030 at an initial rent of £115,000 a year.
Known locally as the former Riley’s Pool & Snooker Club, the building in the heart of Stirling is a significant addition to the SRA portfolio.
The move follows the investment specialist’s £600,000 purchase of a two-storey retail property in Port Street in April, currently let to ‘The Works’ nationwide chain.
Mr Rasul (pictured) believes Stirling represents an excellent platform for growth after being named the best city in Scotland to start a new business in a recent study, while offering great connectivity at a highly competitive cost.
He said: “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.”
SRA Ventures owns and manages a diverse range of industrial, retail, commercial and mixed use asset properties across Scotland, focusing on under-performing commercial assets.
It was advised on the acquisition by chartered surveyor Graham + Sibbald, which has worked in tandem with SRA on several recent deals.
The firm is working with SRA on several other acquisitions and asset management opportunities, and is hopeful that another couple of deals will crystallise before the end of the year.
Edinburgh-based Gilson Gray provided legal advice on the Pure Gym deal.