Heritable (Scottish Equivalent of English Freehold) Leisure Investment
Entirely let to Mecca Bingo Ltd until 2021
Located on Manderston Street, off Leith Walk (A900)
Substantial building of 3,345.72 sq m (36,013 sq ft)
RPI rental uplift in 2016
Nearby occupiers include national retailers such as Ladbrokes, Subway and Greggs on Leith Road
Lot 11
Auction 27th March 2014
Rent £130,418 per Annum Exclusive
Status Sold
Price £925,000
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
1.3 miles north-east of Edinburgh city centre, 47 miles east of Glasgow, 35 miles north of Galashiels
Roads
A199, A902, A1, M8 (Junction 1)
Rail
Edinburgh Train Station (2 miles)
Air
Edinburgh Airport (8.3 miles)
Situation
The property is located in Leith, a district to the north of the city of Edinburgh. The building is located on Manderston Street, off Leith Walk (A900), a busy thoroughfare which connects the city centre to the waterfront and docks. The area is in a predominantly residential and industrial area with a number of motor trade businesses operating from the same terrace. Other nearby occupiers on Leith Walk include Ladbrokes, William Hill, Cashino Gaming, Scotmid Co-Operative, Pizza Hut, Subway and Greggs.
Tenure
Heritable.
Location
Miles
1.3 miles north-east of Edinburgh city centre, 47 miles east of Glasgow, 35 miles north of Galashiels
Roads
A199, A902, A1, M8 (Junction 1)
Rail
Edinburgh Train Station (2 miles)
Air
Edinburgh Airport (8.3 miles)
Situation
The property is located in Leith, a district to the north of the city of Edinburgh. The building is located on Manderston Street, off Leith Walk (A900), a busy thoroughfare which connects the city centre to the waterfront and docks. The area is in a predominantly residential and industrial area with a number of motor trade businesses operating from the same terrace. Other nearby occupiers on Leith Walk include Ladbrokes, William Hill, Cashino Gaming, Scotmid Co-Operative, Pizza Hut, Subway and Greggs.
Tenure
Heritable.
Description
The property comprises a substantial former theatre building, entered via a railway arch. The property is currently used as a bingo hall providing reception area, gaming hall, storage and ancillary and office accommodation over basement, ground and first floors. The property benefits from a site area of approximately 0.295 hectares (0.73 acres).
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 former theatre building, entered via a railway arch. The property is currently used as a bingo hall providing reception area, gaming hall, storage and ancillary and office accommodation over basement, ground and first floors. The property benefits from a site area of approximately 0.295 hectares (0.73 acres).
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
Basement Ground First
Storage/Ancillary Leisure Leisure
144.76 sq m 2,158 sq m 1,042.96 sq m
(1,558 sq ft) (23,229 sq ft) (11,226 sq ft)
MECCA BINGO LTD (1)
15 years from 10/07/2006 until 28/09/2021 on a full repairing and insuring lease
£130,418.33
29/09/2016 (4)
Totals
3,345.72 sq m
(36,013 sq ft)
£130,418.33
(1) For the year ending 30/06/2013, Mecca Bingo reported a revenue of £296.2m and an operating profit of £44.1m (source: Rank Group). Mecca Bingo is part of the Rank Group. Formed in 1937, the Rank Group now operate 55 Grosvenor Casinos and 97 Mecca Bingo clubs in the UK, employing 11,000 people (Source: Rank Group). (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 All Items Retail Price Index (RPI) and shall not exceed £151,190.59 p.a.x.
