Let to Gala Leisure Limited until 2039 (no breaks)
Annual RPI linked rental increases subject to a minimum of 1% and a maximum of 4%
Popular Dorset tourist destination
Close to the Jubilee Retail Park which houses retailers including Halfords, B&Q, Sports Direct, McDonald’s and KFC
Future residential redevelopment potential (subject to lease and consents)
Lot 13
Auction 13th July 2017
Rent £72,556 per Annum Exclusive
Status Sold
Price £1,125,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the instructions of M&G Real Estate
Property Information
Location
Miles
25 miles south-west of Poole, 55 miles east of Exeter
Roads
A354, A35, A37
Rail
Weymouth Railway Station
Air
Bournemouth International Airport
Situation
Weymouth is a busy Dorset tourist destination, popular for its marina and attractive coastline. The property is situated on the west side of Crescent Street in the heart of the town centre, close to the railway station, marina and Jubilee Retail Park which houses retailers including Halfords, B&Q, Sports Direct, McDonald’s and KFC.
Tenure
Freehold.
Location
Miles
25 miles south-west of Poole, 55 miles east of Exeter
Roads
A354, A35, A37
Rail
Weymouth Railway Station
Air
Bournemouth International Airport
Situation
Weymouth is a busy Dorset tourist destination, popular for its marina and attractive coastline. The property is situated on the west side of Crescent Street in the heart of the town centre, close to the railway station, marina and Jubilee Retail Park which houses retailers including Halfords, B&Q, Sports Direct, McDonald’s and KFC.
Tenure
Freehold.
Description
The property comprises a substantial bingo hall arranged over ground and first floors.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial bingo hall arranged over ground and first floors.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
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
910.52 sq m
(9,801 sq ft)
GALA LEISURE LIMITED (1)
25 years from 19/12/2014 until 18/12/2039 on a full repairing and insuring lease
£72,556.22
19/12/2017 - Annual rental increases linked to RPI (2)
Total
910.52 sq m
(9,801 sq ft)
£72,556.22
(1) For over twenty years, Gala Bingo has been the UK's most loved and trusted bingo operator, a household name in the gaming industry with over 143 clubs, 5 million members and paying out prizes across retail and online of over £42 million per week. For the year ending 26th September 2015, Gala Leisure Limited reported a turnover of £284,674,000, a pre-tax loss of £1,933,000 and a total net worth of £260,170,000 (Source: Experian Group 15/06/2017). (2) The annual rent reviews are linked to the Retail Price Index, subject to a minimum of 1% and a maximum of 4%, with the next review in December 2017.
