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Olympic Club building up for sale

For sale: The Olympic Club building

Scott Stallard has put the building housing his gym up for sale.He says he may sell the Olympic Club as well having been in business now for 20 years.But for now, he said, he plans to continue to operate the gym and has just invested $30,000 in new equipment.The asking price for the Dundonald Street building, listed with Coldwell Banker Bermuda Realty, is $2.7 million.The business is not included in the price of the building but interest in buying both the building and the business will be seriously considered.Alternatively, Mr Stallard said the gym is open to staying on as a tenant of any purchaser if desired, and is willing to sign a long lease .Mr. Stallard said there has been plenty of interest in the building but offers to date have not worked out due to lack of financing.The Olympic Club was the first commercial gym in Bermuda, located originally on Happy Valley, and then the old Disco 40 building, before moving to its current location in 1990.He said business has been challenging in this economy and has seen a major drop-off in expatriate members recently.In addition he said the health club sector has becoming increasingly “diluted” with smaller gyms cropping up Island-wide.Mr Stallard, also a professional photographer, said he still enjoys running the gym but would like to step back if possible and do other things.He employs around 15 part-time fitness contractors and is the only gym not to charge them a commission.The two-storey building is 8,461 square feet and has a popular rock-climbing wall.The building was last renovated in 2003.