Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees
Property Information
Location
Miles
28 miles north of Cheltenham, 29 miles south-west of Birmingham, 34 miles south-west of Royal Leamington Spa
Roads- M5 (Junctions 6 & 7), M42, M6
Rail- Worcester Foregate Street Railway Station
Air- Birmingham International Airport
Situation
The property is situated in a prominent position on the west side of Foregate Street in the heart of Worcester City Centre. Nearby occupiers include Tesco, Gala Bingo, Coral & J D Wetherspoon Public House while Worcester Foregate Street Railway Station is conveniently situated diagonally opposite.
Tenure
Freehold.
Location
Miles
28 miles north of Cheltenham, 29 miles south-west of Birmingham, 34 miles south-west of Royal Leamington Spa
Roads- M5 (Junctions 6 & 7), M42, M6
Rail- Worcester Foregate Street Railway Station
Air- Birmingham International Airport
Situation
The property is situated in a prominent position on the west side of Foregate Street in the heart of Worcester City Centre. Nearby occupiers include Tesco, Gala Bingo, Coral & J D Wetherspoon Public House while Worcester Foregate Street Railway Station is conveniently situated diagonally opposite.
Tenure
Freehold.
Description
The property comprises a 7-screen cinema with a total of approximately 994 seats. The ground floor has two subdivided retail units to either side of the main foyer with one of these units currently operating as a Costa Coffee under a franchise agreement.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
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 7-screen cinema with a total of approximately 994 seats. The ground floor has two subdivided retail units to either side of the main foyer with one of these units currently operating as a Costa Coffee under a franchise agreement.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Approx 24 years and 3 months from 27/03/2014 until 30/06/2038 on a full repairing and insuring lease
£102,643
01/07/2015 and yearly thereafter (2)
Totals
2,582.14 sq m (3)
(27,794 sq ft) (3)
£102,643
(1) ODEON is the largest cinema operator in the UK and Europe with over 240 cinemas and 2,225 screens across 7 countries as at December 2014. ODEON was merged with United Cinemas International (UCI) to form the main parent group which operates as ODEON and UCI Cinemas Group. The consolidated financial and operating data for ODEON and UCI Finco plc for the year ending 31st December 2014, show the group generated £657.4 million of revenue and EBITDA of £52.7 million (Source: www.odeonanducicinemasgroup.com/investorrelations.html). For the year ending 31st December 2013, ODEON Cinemas Limited reported a turnover of £175.328 million, a pre-tax loss of –£1.237 million and a total net worth of £193.206 million. It has a 5A1 D&B credit rating representing the lowest probability of failure (95 out of 100) (Source: D&B 15/04/2015). (2) The rent reviews are linked to RPI (minimum 1%, maximum 5%) with the next review in July 2015. RPI has increased from 249.7 in July 2013 to 256.0 in July 2014 equating to an approximate 2.52% increase. An equivalent increase in the rent would provide a rental income of approximately £105,229.60 at the 01/07/2015 rent review. (3)The areas stated are gross internal.
Contacts
Seller's Solicitors
Berwin Leighton Paisner LLP St Magnus House, 3 Lower Thames Street London EC3R 6HE
