Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the instructions of M&G Real Estate
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 (Junction 6 & 7), M6, M42
Rail
Worcester Foregate Street Rail Station
Air
Birmingham International Airport
Situation
The property is prominently situated on the east side of Foregate Street in the heart of Worcester City Centre. Neighbouring occupiers include Tesco, Odeon Cinema, J D Wetherspoon and Coral, while Worcester Foregate Street Railway Station is some 60 metres away.
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 (Junction 6 & 7), M6, M42
Rail
Worcester Foregate Street Rail Station
Air
Birmingham International Airport
Situation
The property is prominently situated on the east side of Foregate Street in the heart of Worcester City Centre. Neighbouring occupiers include Tesco, Odeon Cinema, J D Wetherspoon and Coral, while Worcester Foregate Street Railway Station is some 60 metres away.
Tenure
Freehold.
Description
The property comprises a former cinema, currently used as a Bingo hall. The property benefits from a substantial approximate site area of 0.17 hectare (0.43 acres) on site car parking for approximately 100 cars to the rear, accessed from Taylors Lane.
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 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 former cinema, currently used as a Bingo hall. The property benefits from a substantial approximate site area of 0.17 hectare (0.43 acres) on site car parking for approximately 100 cars to the rear, accessed from Taylors Lane.
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 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
Reviews
Ground & First
Bingo Hall/ Ancillary
3,291 sq m
(35,420 sq ft)
GALA LEISURE LIMITED (1) (3)
25 years from 19/12/2014 until 18/12/2039 on a full repairing and insuring lease
£75,900
19/12/2015 Annual rental increases linked to RPI (2)
Totals
3,291 sq m
(35,420 sq ft)
(1) For the year ending 27th September 2014, Gala Leisure Limited reported a turnover of £280,062,000, pre-tax profits of £78,983,000 and a total net worth of £258,505,000. (Source: www.experian.co.uk 08/09/2015) (2)The rent reviews are linked to the Retail Price Index subject to a minimum of 0% and a maximum of 4% with the next review in December 2015. (3)Part of the first floor has been sublet to a Judo club.
