Mecca Bingo Garrick Parade, Lord Street Southport Merseyside PR9 0QG

Mecca Bingo
Garrick Parade, Lord Street
Southport
Merseyside
PR9 0QG

Substantial Town Centre Leisure Investment

Entirely let to Mecca Bingo Limited - a part of The Rank Group
Approximately 47,734 sq ft with car parking
Site area of approximately 0.9 acres
Option to renew the lease
Strategic town centre location adjacent to large Morrisons supermarket and Travelodge hotel
Recent tenant break option not activated
Potential for alternative uses (subject to existing lease, planning and consents)

Lot
31
Auction
7th December 2017
Rent
£195,778 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Substantial Town Centre Leisure Investment

Entirely let to Mecca Bingo Limited - a part of The Rank Group
Approximately 47,734 sq ft with car parking
Site area of approximately 0.9 acres
Option to renew the lease
Strategic town centre location adjacent to large Morrisons supermarket and Travelodge hotel
Recent tenant break option not activated
Potential for alternative uses (subject to existing lease, planning and consents)

Lot 31
Auction 7th December 2017
Rent £195,778 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 16 miles north of Liverpool, 34 miles north-west of Manchester
Roads: A565, A570, M6, M58
Rail: Southport Railway Station
Air: Liverpool John Lennon Airport

Situation

The property is situated on the north side of Garrick Parade which runs parallel to Lord Street, one of Southport's principal retailing thoroughfares. Nearby occupiers include a large Morrisons supermarket, B&M Bargains, Travelodge and JD Wetherspoon, with other occupiers on Lord Street including Pizza Express, Next, Caffè Nero and Costa.

Tenure

Freehold. Majority Freehold - The car park to the rear of the property, which comprises circa 50 spaces, is held leasehold from Safeway Stores Limited on a lease expiring 27th August 2096 at a peppercorn rent.

Location

Miles: 16 miles north of Liverpool, 34 miles north-west of Manchester
Roads: A565, A570, M6, M58
Rail: Southport Railway Station
Air: Liverpool John Lennon Airport

Situation

Tenure

Description

The property comprises a Grade II listed bingo hall arranged on ground, mezzanine, circle and upper circle floors with basement ancillary accommodation. There is a car park with circa 50 spaces to the rear. The property benefits from a site area of 0.9 acres.

VAT

VAT is 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

VAT

VAT is 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	Floor Areas (Approx)(GIA)		Tenant	Term	Rent p.a.x	Reversion
Ground Basement Mezzanine Box Mezzanine Circle Upper Circle Car Park (circa 50 spaces)	1,990.81 sq m 242.18 sq m 175.73 sq m 112.11 sq m 1,100.86 sq m 812.85 sq m -	(21,429 sq ft) (2,607 sq ft) (1,892 sq ft) (1,207 sq ft) (11,850 sq ft) (8,749 sq ft) (-)	MECCA BINGO LIMITED (1)	Approximately 15 years from 10/08/2006 on a full repairing and insuring lease (2)	£195,778	28/09/2021
Totals	4,434.54 sq m	(47,734 sq ft)			£195,778

(1) For the year ending 30th June 2016, Mecca Bingo Limited reported a turnover of £209,543,000, pre-tax profits of £36,665,000 and a total net worth of £488,346,000 (Source: Experian Group 31/10/2017). 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 31/10/2017). Part of the property has been sublet.
(2) The lease is full repairing and insuring, subject to a Schedule of Condition.

NB: Please note that the tenant has an option to renew the lease on the expiry of the current lease and the term can be renewed for 5, 10 or 15 years at the tenant’s option.