PPR and Meadow Partners buy Premier Inn & Nuffield Health Gym, in South London for £23m

PPR and Meadow Partners buy Premier Inn & Nuffield Health Gym, in South London for £23m

Meadow Partners and PPR Estates (PPR) confirm the acquisition of the Merantun Way leisure park in Colliers Wood, London for £23m. The freehold site includes a 168 bed Holiday Inn hotel, Nuffield Health Gym, Pizza Hut restaurant, KFC drive-through and parking for 168 cars. Following the acquisition, PPR have negotiated a new lease with David Lloyd Group (DLG) gyms to replace Nuffield Health which has significantly increased the WAULT (weighted average unexpired lease term) and value of the site. Further asset management will follow to increase the site’s value.

Jonathan Caplan, MD of PPR, commented: ‘We are thrilled to have collaborated with Meadow Partners on this exciting acquisition. Shortly after completion, PPR re-let the former Nuffield Health fitness centre to David Lloyd Leisure Group. By securing this new 35 year lease, we have significantly enhanced the WAULT for the site. This has substantially improved both the income profile, the property value and overall returns for the project.’

PPR Estates continues to work closely with a diverse range of operators across multiple real estate sectors, creating value, strengthening income streams, and delivering attractive, risk-adjusted returns for its investors.