Let to Mecca Bingo Limited - a part of The Rank Group
September 2016 Rent Review linked to RPI - (estimated rent as at March 2016 £197,206 per annum)
Approximately 19,448 sq ft with Car Parking
Site area of approximately 0.99 acres
Potential for alternative uses (subject to existing lease, planning and consents)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 23
Auction 19th May 2016
Rent £179,687 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
17 miles north-east of Milton Keynes, 28 miles south-west of Cambridge
Roads
A6, A421, A428, M1
Rail
Bedford St Johns Railway Station
Air
London Luton Airport
Situation
The property is located on the western side of London Road (A600), close to its junction with Ivy Road and adjacent to the Kingfisher Business Park, about one mile south-east of Bedford town centre. Immediately adjacent to the property are tenants trading as Premier Kitchens & Bedrooms and The Picture Gallery, whilst the Kingfisher Business Park housing occupiers including Screwfix,
Crown Decorator Centre and Eurocell. Within walking distance is Alban Retail Park which house occupiers including B&M Home Store, Dunelm and Subway.
Tenure
Freehold.
Location
Miles
17 miles north-east of Milton Keynes, 28 miles south-west of Cambridge
Roads
A6, A421, A428, M1
Rail
Bedford St Johns Railway Station
Air
London Luton Airport
Situation
The property is located on the western side of London Road (A600), close to its junction with Ivy Road and adjacent to the Kingfisher Business Park, about one mile south-east of Bedford town centre. Immediately adjacent to the property are tenants trading as Premier Kitchens & Bedrooms and The Picture Gallery, whilst the Kingfisher Business Park housing occupiers including Screwfix,
Crown Decorator Centre and Eurocell. Within walking distance is Alban Retail Park which house occupiers including B&M Home Store, Dunelm and Subway.
Tenure
Freehold.
Description
The property comprises a bingo hall at ground, first and mezzanine floor levels. The property benefits from a surface and undercroft car park for approximately 40 cars. The approximate site area is 0.99 acres.
Six Week Completion
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 bingo hall at ground, first and mezzanine floor levels. The property benefits from a surface and undercroft car park for approximately 40 cars. The approximate site area is 0.99 acres.
Six Week Completion
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
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review (Reversion)
Ground First Mezzanine
225.57 sq m 1,548.73 sq m 32.54 sq m
(2,428 sq ft) (16,670 sq ft) (350 sq ft)
MECCA BINGO LIMITED (1)
Approximately 15 years and 1 month from 10/08/2006
£179,687
29/09/2016(3) (28/09/2021)(4)
Total
1,806.84 sq m
(19,448 sq ft)
£179,687
(1) For the year ending 30th June 2015, Mecca Bingo Limited reported a turnover of £208,231,000, pre-tax profits of £23,804,000 and a total net worth of £457,546,000 (Source: Experian Group 06/06/2016). Mecca Bingo are part of The Rank Group who have been entertaining Britain since 1937 under the Mecca & Grosvenor Casino brands (Source www.rank.com 07/06/2016). (2) The lease is subject to a schedule of condition. (3) The 2016 rent review is linked to RPI and is capped at £208,307.04 per annum. (4) The tenant has an option to renew at the end of the term of the lease.
