Town centre location close to Brunswick Shopping Centre
RPI linked Rent Review in 2016
Tenant’s option to extend lease
Approximately 2,925 sq m (31,473 sq ft)
Six Week Completion
Lot 17
Auction 13th February 2014
Rent £170,993 per Annum Exclusive
Status Sold
Price £1,100,000
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
40 miles north-east of York, 48 miles south-east of Middlesbrough
Roads
A64, A170, A1/M1 (Junction 50)
Rail
Scarborough Rail Station
Air
Durham Tees Valley (44 miles)
Situation
The property is situated in Scarborough town centre on the eastern side of Albemarle Crescent, close to its junction with the pedestrianised Westborough, the town’s prime retailing thoroughfare. The property lies less than 50 metres from Brunswick Shopping Centre which houses retailers such as Debenhams, Greggs, Dorothy Perkins and Carphone Warehouse.
Tenure
Freehold.
Location
Miles
40 miles north-east of York, 48 miles south-east of Middlesbrough
Roads
A64, A170, A1/M1 (Junction 50)
Rail
Scarborough Rail Station
Air
Durham Tees Valley (44 miles)
Situation
The property is situated in Scarborough town centre on the eastern side of Albemarle Crescent, close to its junction with the pedestrianised Westborough, the town’s prime retailing thoroughfare. The property lies less than 50 metres from Brunswick Shopping Centre which houses retailers such as Debenhams, Greggs, Dorothy Perkins and Carphone Warehouse.
Tenure
Freehold.
Description
The property comprises a substantial building currently used as a bingo hall providing reception area, gaming hall, staff rooms and ancillary and office accommodation over ground, first and basement floors. The second floor is not used by the tenant.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial building currently used as a bingo hall providing reception area, gaming hall, staff rooms and ancillary and office accommodation over ground, first and basement floors. The second floor is not used by the tenant.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground and First Basement Second
Leisure Plant Unused
2,542 sq m 383 sq m Not measured
(27,352 sq ft) (4,121 sq ft)
MECCA BINGO LIMITED (1)
15 years from 10/07/2006 until 28/09/2021 on a full repairing and insuring lease (2) (3)
£170,993
29/09/2016 (4)
Totals
2,925 sq m
(31,473 sq ft)
£170,993
(1) For the year ending 30th June 2012, Mecca Bingo Limited reported a turnover of £329,085,000, pre-tax profits of £90,101,000 and a total net worth of £469,538,000. (Source: www.riskdisk.com 17/01/2014) Mecca Bingo Limited are a subsidiary company of Rank Group Gaming Division Ltd. Formed in 1937, the Rank Group now operate 55 Grosvenor Casinos and 97 Mecca Bingo clubs in the UK, employing 11,000 people. (Source: www.rank.com 20/01/2014) (2)The lease is subject to a schedule of condition. (3)The lease provides a tenant’s option to extend the lease. (4)The 2016 rent review is linked to the Retail Price Index (RPI) and shall not exceed £198,227.67 p.a.x.
