Cork City gym on the market with €500k price tag

A popular gym in Cork City, which ceased trading in July with debts of almost €625,000, has been placed on the market with a guide price of €500,000.

Source Health and Fitness Centre in Tivoli is up for sale by online auction via digital property company BidX1.

Registration opens on November 9 and a bidding deposit of €10,000 is required.

The gym was placed in liquidation in July, owing staff €355,866 and owing creditors, mostly gym members, €288,248.

Staff received payments through the Department of Social Protection.

The receiver, PricewaterhouseCoopers, previously told the Irish Examiner there had been a number of expressions of interest. A spokesperson for PwC confirmed it was placed on the market this week.

The premises include a 25m swimming pool, sauna, jacuzzi, steam room, tennis courts, squash courts, and gym.

A beauty salon also operated out of the premises, as well as exercise classes, swimming lessons, and a cafe.

In addition, a creche service was available to members, and guests of the adjoining Clayton Hotel, Silversprings, had use of the facilities at a nominal fee.

The gym’s membership was estimated at about 1,000. It opened in the 1990s and has traded as Source Health and Fitness since March 2002. It had 35 staff.

The liquidator Gerard Murphy told a meeting of creditors in July that because the gym was now debt free, it was more attractive to potential buyers.

At the liquidation meeting, one of the directors of Source told creditors the complex had struggled economically for some time and that they had tried to dispose of it as a going concern. They had worked with Nama to do so.

It was on the point of being sold for €5m in 2006, but the deal fell through. It is now for sale at one-tenth of the price.