Freehold Leisure and Office Investment
Freehold Leisure and Office Investment
The property is situated on the southern side of Westgate close to its junction with Silver Street and Marygate. Nearby occupiers include Sports Direct, Subway, HSBC and Natwest.
Freehold.
The property is situated on the southern side of Westgate close to its junction with Silver Street and Marygate. Nearby occupiers include Sports Direct, Subway, HSBC and Natwest.
Freehold.
The property, a substantial Grade II Listed building, comprises two bar/nightclub units, one being over ground and basement with the other over ground, part first and basement. On the upper floors, part first, second and third floors are organised into 28 separate artist studios known as 'Westgate Studios' leaving part first floor office accommodation with vacant possession.
VAT is applicable to this lot.
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
The EPC will be available to view online in the solicitor’s legal pack.
The property, a substantial Grade II Listed building, comprises two bar/nightclub units, one being over ground and basement with the other over ground, part first and basement. On the upper floors, part first, second and third floors are organised into 28 separate artist studios known as 'Westgate Studios' leaving part first floor office accommodation with vacant possession.
VAT is applicable to this lot.
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
The EPC will be available to view online in the solicitor’s legal pack.
| Unit | Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reviews | |
|---|---|---|---|---|---|---|---|---|
| 51 | Ground Basement |
Bar/Nightclub Bar/Nightclub |
348.20 sq m 274.70 sq m |
(3,748 sq ft) (2,957 sq ft) |
STONEGATE PUB COMPANY LIMITED (1) (t/a Reflex), on assignment from Mitchells & Butlers Retail Limited (2) |
35 years from 24/06/1986 until 25/12/2021 |
£79,524 (3) | 24/06/2016 |
| 55 | Ground Basement First |
Bar/Nightclub Bar/Nightclub Bar/Nightclub |
223.90 sq m 46.50 sq m 231.30 sq m |
(2,410 sq ft) (500 sq ft) (2,490 sq ft) |
M & S LEISURE LIMITED (t/a Boomerangs Fun Bar) |
10 years from 03/09/2010 until 02/09/2020 |
£45,000 | 03/09/2015 |
| Westgate Studios |
First Second Third |
28 Artist Studios | 73.90 sq m 280.80 sq m 176.60 sq m |
(796 sq ft) (3,023 sq ft) (1,901 sq ft) |
INDIVIDUALS (4) | 28 separate leases each on 2 year terms (5) fully occupied as at 29/04/2013 |
£42,912 (6) | Various |
| First | Offices | 147.30 sq m |
(1,586 sq ft) |
VACANT POSSESSION |
||||
| Substation | Ground | 59.50 sq m |
(640 sq ft) |
YED PLC |
20 years from 01/12/2004 until 30/11/2024 (7) |
£4,000 | 01/12/2009 (8) |
|
| Totals | 1,840.70 sq m |
(19,813 sq ft) |
£171,436 (gross), approximately £162,216 (net) (6) |
|||||
(1) Stonegate Pub Company was established in 2010 and is now the largest privately held managed pub operator in the UK with 540 pubs and bars, owning brands such as Yates's, Slug and Lettuce, Scream, Missoula Bars and much more (Source: www.stonegatepubs.com 25/04/2013).
(2) The lease is pre-1996 and therefore Mitchells & Butlers Retail Limited remains liable as original tenant due to privity of contract. For the year ending 28th September 2012, Mitchells & Butlers Retail Limited reported a turnover of £1,631,000,000, pre-tax profits of £84,000,000 and a total net worth of £2,872,000,000. (Source: www.riskdisk.com 25/04/2013).
(3) The rent includes two additional sums totalling £2,524 p.a. which rise proportionately with the main rent.
(4) Westgate Studios is the main artist studio provider in the Wakefield District providing affordable studio space. Its artist run, creative community hosts numerous exhibitions and workshops. (Source: www.wdco.org 25/04/2013).
(5) The leases are outside the Act and provide a rolling landlord option to determine subject to 3 months notice. Additionally there is a tenant's option to determine after 6 months subject to 3 months notice. Full details of all tenancies are available from the Auctioneer and within the legal pack.
(6) The rent includes electricity, water, service charge, insurance and broadband. The net rent based on the current level of occupancy is approximately £33,692 p.a.x.
(7) The lease provides a tenant option to determine on 3 months notice.
(8) The 2009 rent review is outstanding.
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