Let to Greggs Plc and Betting Shop Operations Limited (t/a Jennings Bet)
Prime High Street location at main entrance to Guinea's Shopping Centre
Located in affluent market town
Rent review December 2017
Lot 40
Auction 19th October 2017
Rent £147,500 per Annum Exclusive
Status Sold
Price £1,790,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Cambridge College
Property Information
Location
Miles
13 miles east of Cambridge
Roads
A11, A14, M1
Rail
Newmarket Railway Station
Air
Stansted Airport
Situation
Newmarket is an affluent and thriving Suffolk market town, renowned for its strong connections with the horse racing industry being the home of the Jockey Club and two racecourses, The Rowley Mile and The July Course. The property is highly prominent and situated in the prime shopping area of High Street at its junction with Market Street and leads into the Guinea's Shopping Centre which is anchored by Marks & Spencer. Nearby occupiers include WH Smith, Boots, EE, Vodafone, Barclays Bank, Starbucks, Pizza Express, Caffè Nero and TK Maxx.
Tenure
Freehold.
Location
Miles
13 miles east of Cambridge
Roads
A11, A14, M1
Rail
Newmarket Railway Station
Air
Stansted Airport
Situation
Newmarket is an affluent and thriving Suffolk market town, renowned for its strong connections with the horse racing industry being the home of the Jockey Club and two racecourses, The Rowley Mile and The July Course. The property is highly prominent and situated in the prime shopping area of High Street at its junction with Market Street and leads into the Guinea's Shopping Centre which is anchored by Marks & Spencer. Nearby occupiers include WH Smith, Boots, EE, Vodafone, Barclays Bank, Starbucks, Pizza Express, Caffè Nero and TK Maxx.
Tenure
Freehold.
Description
The building comprises two self-contained retail units on the ground floor with ancillary accommodation at first floor, and a service yard to the rear. The Greggs unit benefits from a return frontage onto Market Street, the main thoroughfare into the Guinea’s Shopping Centre and an outside seating area.
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 building comprises two self-contained retail units on the ground floor with ancillary accommodation at first floor, and a service yard to the rear. The Greggs unit benefits from a return frontage onto Market Street, the main thoroughfare into the Guinea’s Shopping Centre and an outside seating area.
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
64
Ground
First
Betting Shop/ Ancillary Ancillary
82.49 sq m
38.55 sq m
(887 sq ft)
(415 sq ft)
BETTING SHOP OPERATIONS LIMITED t/a Jennings Bet (2)
15 years from 23/01/2008 until 22/01/2023
£50,000
23/01/2018
66-72
Ground
First
Retail/Ancillary
Ancillary
258.76 sq m
89.57 sq m
(2,786 sq ft)
(964 sq ft)
GREGGS PLC (1)
10 years from 25/12/2012 until 24/12/2022
£97,500
25/12/2017 (3)
Total
469.37 sq m
(5,052 sq ft)
£147,500
(1) Greggs is the UK's leading bakery retailer established in the 1950s. Trading from over 1,698 stores and 12 bakeries, it employs around 20,000 people nationwide specialising in assorted baked goods, salads and refreshments. (Source: www.greggs.co.uk 11/09/2017). Greggs Plc has a D&B rating of 5A1 which is considered "a minimal risk of business failure". For the year ending 31st December 2016, Greggs Plc reported a turnover of £894,195,000, pre tax profits of £80,319,000 and a total net worth of £323,367,000 (Source: Experian Group 11/09/2017). (2) Betting Shop Operations Ltd trades as Jennings Bet and is the UK's largest independent bookmakers with more than 100 stores nationwide. The company was founded and licensed in May 1961, making it the oldest betting company in Britain. It currently employs over 500 personnel and has established itself as one of the most innovative and competitive bookmakers on the modern day High Street (Source: www.jenningsbet.com 11/09/2017). (3) The tenant did not exercise a 2017 break option.
Contacts
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street London W1S 3AN
