The facility has been leased to a rival gym operator and industry pioneer, who plans to completely transform the building inside and out.
The deal locks in a gross rental income of approximately $1.755 million per annum, representing a strong rate of $620/sqm.
The transaction was brokered entirely off market through a targeted direct approach. RWC Sutherland Shire finalised the deal, successfully securing a tenant for the property while it was actively marketed through another agency.
Brad Lord, Managing Director of RWC Sutherland Shire, said navigating the transaction required deep industry relationships and persistence.
"This was a very rewarding transaction given the length of time and complexity of the negotiation," Mr Lord said.
"It was made complex by having terms agreed and the owner deciding to sell the asset. The new buyer picked up the offer and asked us to renegotiate a few terms. We built rapport quickly with the buyer and had a relationship with the tenant, which was the difference in getting the lease agreed."
The sheer scale of the footprint marks it as a landmark asset for the area.
"The size is the most impressive part about this property,” Mr Lord added. “You can effectively fit six average house blocks inside the tenancy."
Tenant demand remains exceptionally strong for larger-format fitness spaces in prime locations.
Properties that feature existing high quality fit outs and substantial on-site parking, both of which the West Botany Street address offers continue to command premium rental rates and long term commitments from major industry players.
