Leisure complex comprising a bowling alley, amusement arcade and vacant nightclub
12 residential flats on long leases with majority expiring 2074
Prominent sea front location near the Viking Ship Play Park and the Lido Leisure Park
Car park for approximately 35 cars
Substantial commercial area of 31,433 sq ft and total site area of approximately 0.45 hectares (1.12 acres)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 30
Auction 23rd March 2016
Rent £77,480 per Annum Exclusive
Status Sold
Price £600,000
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Receivers, Jones Lang LaSalle
Property Information
Location
Miles
17 miles north-east of Canterbury, 21 miles north of Dover, 73 miles south-east of London
Roads
A28, A255, A299
Rail
Margate Rail (direct to King’s Cross and Victoria)
Air
London City Airport
Situation
The property is situated in the popular seaside resort of Cliftonville in Margate, occupying a prominent sea front location just 0.4 miles north-east of the town centre. The property is situated in a predominantly leisure and residential area, with the Viking Ship Play Park and Lido Leisure Park within close proximity.
Tenure
Freehold.
Location
Miles
17 miles north-east of Canterbury, 21 miles north of Dover, 73 miles south-east of London
Roads
A28, A255, A299
Rail
Margate Rail (direct to King’s Cross and Victoria)
Air
London City Airport
Situation
The property is situated in the popular seaside resort of Cliftonville in Margate, occupying a prominent sea front location just 0.4 miles north-east of the town centre. The property is situated in a predominantly leisure and residential area, with the Viking Ship Play Park and Lido Leisure Park within close proximity.
Tenure
Freehold.
Description
The property comprises a ground and first floor leisure complex and a block of 12 x two bedroom flats known as Cliftonville Court. The leisure complex is divided into three units, providing a bowling alley and amusement arcade on the ground floor, and a nightclub arranged over the ground and first floors. The property benefits from rooftop parking for approximately 35 cars and a total site area of approximately 0.45 hectares (1.12 acres).
Six Week Completion
Note
This property is being marketed for sale on behalf of the Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 ground and first floor leisure complex and a block of 12 x two bedroom flats known as Cliftonville Court. The leisure complex is divided into three units, providing a bowling alley and amusement arcade on the ground floor, and a nightclub arranged over the ground and first floors. The property benefits from rooftop parking for approximately 35 cars and a total site area of approximately 0.45 hectares (1.12 acres).
Six Week Completion
Note
This property is being marketed for sale on behalf of the Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews/ (Reversion)
Bugsy’s Tenpin Bowling
Ground
Leisure
1,811.59 sq m
(19,500 sq ft)
DENTON INVESTMENTS LIMITED T/A BUGSY’S
25 years from 29/09/1996
£71,000 (1)
29/09/2016 (28/09/2021)
Cain’s Amusements
Ground
Leisure & Car Parking (35 spaces)
278.70 sq m
(3,000 sq ft)
INDIVIDUAL T/A CAINS AMUSEMENTS
72 years from 07/02/1986 until 24/06/2058
£6,000
24/06/2033 (2)
Night Club
Ground & First
Nightclub
829.89 sq m
(8,933 sq ft)
VACANT POSSESSION
Cliftonville Court – Flats 1, 5, 7, 9, 10, 11, 12
Residential
7 x Two Bedroom Flats
INDIVIDUAL
7 separate leases for 99 years from 25/03/1975
£280 (3)
25/03/2020 and 15 yearly (24/03/2074)
Cliftonville Court – Flats 2, 3, 4, 6 & 8
Residential
5 x Two Bedroom Flats
INDIVIDUAL
5 separate leases for 155 years from 01/01/2009
£200 (3)
01/01/2024 and 15 yearly (31/12/2163)
Total Commercial Area
2,920.18 sq m
(31,433 sq ft)
£77,480 (1)
(1) As to the Denton Investments Limited Lease, the contractual rent is £71,000 p.a. However, the tenant is currently paying £47,666 p.a. For further information please refer to the legal pack. (2) The lease provides a fixed rental increase at the 24th June 2033 rent review to £9,000 pa. (3) The rental income is £40 pa per residential flat rising by £10 at each review.
Contacts
Seller's Solicitors
Dentons UKMEA LLP 21 Station Road Watford WD17 1HT
