Let to Gala Leisure Limited with surety from Gala Group Finance plc
Substantial site suitable for alternative uses (subject to consents)
Annual 2.5dompound rental increases
Approximate site area of 0.281 hectares (0.572 acres)
Let off £7.53 per sq ft
Six Week Completion Period Available
Lot 37
Auction 8th December 2011
Rent £208,268 per Annum Exclusive
Status Withdrawn Post
Price
Sector Leisure
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
9 miles north of central Birmingham, 7 miles east of Wolverhampton.
Roads
M6, A4148
Rail
Walsall Railway Station
Air
Birmingham Airport
Situation
The property is situated on the Jerome Retail Park which is located some 250 metres south of the town's central retailing district. Neighbouring occupiers include Iceland, Poundstretcher, Home Bargains, Argos and Revenue & Customs offices.
Tenure
Long Leasehold. Held from Ambassador Holding Limited for a term of 125 years from 25th March 1992 at a fixed peppercorn rent
The external shelter is held for a term of 15 years from 25th December 2009 at a current rent reserved of £7,000 per annum exclusive subject to annual RPI increases (2)
Location
Miles
9 miles north of central Birmingham, 7 miles east of Wolverhampton.
Roads
M6, A4148
Rail
Walsall Railway Station
Air
Birmingham Airport
Situation
The property is situated on the Jerome Retail Park which is located some 250 metres south of the town's central retailing district. Neighbouring occupiers include Iceland, Poundstretcher, Home Bargains, Argos and Revenue & Customs offices.
Tenure
Long Leasehold. Held from Ambassador Holding Limited for a term of 125 years from 25th March 1992 at a fixed peppercorn rent
The external shelter is held for a term of 15 years from 25th December 2009 at a current rent reserved of £7,000 per annum exclusive subject to annual RPI increases (2)
Description
The property a modern portal framed commercial building comprises ground floor bingo club accommodation. The property benefits from a separate external shelter with gaming facilities.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property a modern portal framed commercial building comprises ground floor bingo club accommodation. The property benefits from a separate external shelter with gaming facilities.
VAT
VAT is not applicable to this lot.
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
Bingo Hall
2,487 sq m
(26,781 sq ft)
GALA LEISURE LIMITED (1) (with a guarantee from Gala Group Finance plc)
25 years from 19.09.2005 until 2030
£201,268
2.5% compound annual increases each year
Ground
External Shelter
GALA LEISURE LIMITED (1)
Term expiring 21.12.2024
£7,000
Annual RPI increases (2)
Totals
2,487 sq m
(26,781 sq ft)
£208,268
(1) Gala Bingo and galabingo.co.uk are both part of the Gala Coral Group, Europe’s leading gaming operator, with 143 clubs throughout the UK, 22 million admissions every year and a 40% market share with over 5 million members and an established land based betting business in Italy. The Gala Coral Group is the only gambling company in the UK with significant businesses in the bookmaking, bingo and casino markets, both on the High Street and online. (Sources: www.galabingo.co.uk, www.galacoral.co.uk, 09/11/2011) For the year ending 25th September 2010 Gala Leisure Limited reported a turnover of £308,199,100, pre-tax profits of negative £31,638,000 and a net worth of £162,577,000. (Source: www.riskdisk.com 14/11/2011) (2) The 2010 rent review has not yet been implemented.
