Private Investor Snaps Up Pakenham Gym

Pictured above: 12/1 Hunt Way, Pakenham

A private investor has acquired a brand new Snap Fitness 24-hour gym at 12/1 Hunt Way, Pakenham in Melbourne’s southeast at auction for $2.585 million. 

The sale price reflected a yield of 6.6%. 

Located on the upper level of a recently-completed neighbourhood retail complex, the 551-square-metre premises is secured by a new 10-year lease with a net annual rental of $170,500. 

Burgess Rawson’s Shaun Venables, Zomart He, Justin Kramersh and Romanor Falconer brokered the deal. 

Having sold a number of health and fitness assets in the past twelve months, Mr Venables said that investors have accepted that the 24/7 gym model is the way forward for many of the chains as they are able to operate largely unmanned, with large membership numbers and low overheads.