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
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.
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.
