Heritable (Scottish Equivalent to English Freehold) Leisure Investment
Entirely let to Mecca Bingo Ltd until 2021
Town centre location adjacent to Ayr’s Bus Terminal
Substantial building of 3,270.18 sq m (35,187 sq ft)
RPI rental uplift in 2016
Nearby occupiers include Boots and WH Smith
Approximate site area of 0.145 hectares (0.357 acres)
Lot 25
Auction 27th March 2014
Rent £14,909 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
38 miles south-west of Glasgow, 60 miles north-west of Dumfries, 112 miles west of Galashiels
Roads
A77, A70
Rail
Ayr Railway Station
Air
Glasgow Prestwick Airport (4 miles), Glasgow International Airport (37 miles)
Situation
The property, a category B listed building, is located within a mixed residential and commercial area within Ayr town centre located off Boswell Park with Douglas Street to the east, Fullarton Street to the south and Sandgate (A719) to the west. The property is adjacent to Ayr’s bus terminal within close proximity to the main High Street and opposite the Royal Mail postal sorting office. Other nearby occupiers include Boots, Argos, Mountain Warehouse, WHSmith, Betfred and Ladbrokes.
Tenure
Heritable.
Location
Miles
38 miles south-west of Glasgow, 60 miles north-west of Dumfries, 112 miles west of Galashiels
Roads
A77, A70
Rail
Ayr Railway Station
Air
Glasgow Prestwick Airport (4 miles), Glasgow International Airport (37 miles)
Situation
The property, a category B listed building, is located within a mixed residential and commercial area within Ayr town centre located off Boswell Park with Douglas Street to the east, Fullarton Street to the south and Sandgate (A719) to the west. The property is adjacent to Ayr’s bus terminal within close proximity to the main High Street and opposite the Royal Mail postal sorting office. Other nearby occupiers include Boots, Argos, Mountain Warehouse, WHSmith, Betfred and Ladbrokes.
Tenure
Heritable.
Description
The property is a detached former cinema and it is currently used as a bingo hall providing a reception area, gaming hall and ancillary and office accommodation over ground and first floors.
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 is a detached former cinema and it is currently used as a bingo hall providing a reception area, gaming hall and ancillary and office accommodation over ground and first floors.
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
3,270.18 sq m
35,187 sq ft
MECCA BINGO LTD (1)
15 years from 10/07/2006 until 28/09/2021 on a full repairing and insuring lease
£144,909.26
29/09/2016 (4)
Totals
3,270.18 sq m
(35,187 sq ft)
£144,909.26
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 £167,989.55 p.a.x.