Mecca Bingo Post Office Square Blyth NE24 1AL

Mecca Bingo
Post Office Square
Blyth
NE24 1AL

Freehold Leisure Investment

Entirely let to Mecca Bingo Limited until 2021
Located within Blyth, Northumberland’s largest town opposite Keel Row Shopping Centre and the newly regenerated bus station
RPI linked Rent Review in 2016
Tenant’s option to extend lease
Approximately 2,553.93 sq m (27,488 sq ft)
Six Week Completion

Lot
32
Auction
13th February 2014
Rent
£148,967 per Annum Exclusive
Status
Sold
Price
£950,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Leisure Investment

Entirely let to Mecca Bingo Limited until 2021
Located within Blyth, Northumberland’s largest town opposite Keel Row Shopping Centre and the newly regenerated bus station
RPI linked Rent Review in 2016
Tenant’s option to extend lease
Approximately 2,553.93 sq m (27,488 sq ft)
Six Week Completion

Lot 32
Auction 13th February 2014
Rent £148,967 per Annum Exclusive
Status Sold
Price £950,000
Sector
Leisure
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 14 miles north of Newcastle upon Tyne, 69 miles east of Carlisle
Roads: B1328, B1329, A189
Rail: Cramlington Rail
Air: Newcastle Airport

Situation

The property is situated in Blyth town centre on the eastern side of Union Street, at its junction with Rink Street and just off Bridge Road (B1328). The property is located adjacent to an Arriva Bus Depot and opposite Keel Row Shopping Centre, the Post Office and the town’s newly regenerated bus station.

Tenure

Freehold.

Location

Miles: 14 miles north of Newcastle upon Tyne, 69 miles east of Carlisle
Roads: B1328, B1329, A189
Rail: Cramlington Rail
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial building currently used as a bingo hall with reception, gaming hall and storage accommodation on ground floor and office, staff rooms and plant on first floor.

VAT

VAT is 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 with reception, gaming hall and storage accommodation on ground floor and office, staff rooms and plant on first floor.

VAT

VAT is 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 First	Leisure Leisure/Plant	2,059.13 sq m 494.80 sq m	(22,166 sq ft) (5,322 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)	£148,967	29/09/2016 (4)
Totals		2,553.93 sq m	(27,488 sq ft)			£148,967

(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 £172,693.25 p.a.x.