Unit 1, 2 and 2A Central Drive Morecambe Lancashire LA4 4DW

Unit 1, 2 and 2A
Central Drive
Morecambe
Lancashire
LA4 4DW

Freehold Retail Investment

  • Tenants trading as Frankie & Benny's and Domino’s Pizza
  • Prominently located in popular tourist town
  • Adjacent to Central Drive Retail Park and Morecambe Railway Station
  • Nearby occupiers include Next, Morrisons, Superbowl and Reel Multiplex Cinema
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    23
  • Auction
    30th March 2017
  • Rent
    £111,900 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,350,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Retail Investment

  • Tenants trading as Frankie & Benny's and Domino’s Pizza
  • Prominently located in popular tourist town
  • Adjacent to Central Drive Retail Park and Morecambe Railway Station
  • Nearby occupiers include Next, Morrisons, Superbowl and Reel Multiplex Cinema
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 23
  • Auction 30th March 2017
  • Rent
  • Status Sold
  • Price £1,350,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
4 miles west of Lancaster, 30 miles north of Preston, 55 miles north-west of Manchester
Roads
A589, A683, M6
Rail
Morecambe Railway Station
Air
Leeds Bradford, Manchester International
Situation

The property is located in the popular tourist town of Morecambe, close to the seafront and adjacent to Morecambe Railway Station. The site is at the entrance to Central Drive Retail Park which houses Next, Argos, Homebase and a 70,000 sq ft Morrisons superstore. To the south west is the site for the proposed Bay Shopping Park, a 80,000 sq ft retail park which includes occupiers such as B&M, Homestore, Brewers Fayre and Premier Inn. Other nearby occupiers include Superbowl, Reel Multiplex Cinema, Aldi and the town's Festival Market.

Tenure

Freehold.

Location
Miles
4 miles west of Lancaster, 30 miles north of Preston, 55 miles north-west of Manchester
Roads
A589, A683, M6
Rail
Morecambe Railway Station
Air
Leeds Bradford, Manchester International
Situation

The property is located in the popular tourist town of Morecambe, close to the seafront and adjacent to Morecambe Railway Station. The site is at the entrance to Central Drive Retail Park which houses Next, Argos, Homebase and a 70,000 sq ft Morrisons superstore. To the south west is the site for the proposed Bay Shopping Park, a 80,000 sq ft retail park which includes occupiers such as B&M, Homestore, Brewers Fayre and Premier Inn. Other nearby occupiers include Superbowl, Reel Multiplex Cinema, Aldi and the town's Festival Market.

Tenure

Freehold.

Description

The property comprises three ground floor retail units. Unit 1, a standalone building, is currently trading as a restaurant and Unit 2A is currently trading as a hot food takeaway.

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 three ground floor retail units. Unit 1, a standalone building, is currently trading as a restaurant and Unit 2A is currently trading as a hot food takeaway.

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
1
Ground
Restaurant
359.90 sq m
(3,874 sq ft)
CITY CENTRE
RESTAURANTS (UK)
LIMITED t/a Frankie & Benny’s (1)
25 years from
29/12/2008
until
28/12/2033 (2)
£86,900 (3)
29/12/2018
and five
yearly
2A
Ground
Hot Food
Takeaway
89.30 sq m
(961 sq ft)
DP REALTY LIMITED (4) t/a Domino’s Pizza
25 years from 28/01/2014
until
27/01/2039 (5)
£25,000
28/01/2019
and five
yearly
2
Ground
Retail
269.83 sq m
(2,900 sq ft)
VACANT POSSESSION
     
Total  
719.03 sq m
(7,735 sq ft)
    £111,900
 

(1) Frankie and Benny's is an Italian and New York style restaurant with just over 250 branches in the UK (Source: www.frankieandbennys.com 02/03/2017). The restaurant chain is part of the The Restaurant Group Plc (TRG), who operate over 500 restaurants and pubs in the UK with brands including Chiquito, Coast to Coast, Garfunkels and Joe's Kitchen (Source: www.trgplc.com 02/03/2017).
(2) The lease of Unit 1 provides a tenant's option to determine on 29/12/2023 subject to 6 months’ notice.
(3) The rent for Unit 1 increased from £82,625 p.a. to £86,900 p.a. at the 2013 rent review.
(4) For the year ending 27th December 2015, DP Realty Limited reported a turnover of £18,963,776, pre tax profits of £687,601 and a total net worth of £922,729 (Source: Experian Group 02/03/2017). Founded in 1960, Domino’s is the UK’s leading pizza business with over 800 stores in the UK, Ireland, Germany and Switzerland (Source: www.dominos.co.uk 02/03/2017).
(5) The lease of Unit 2A provides a tenant's option to determine on 28/01/2025, subject to 6 months’ notice. The lease provides a tenant's option to renew the lease. Please refer to the legal pack for further information.

Property Documents

  • Site Plan
    Updated Date
    24.05.19
    File Size
    698 KB
    View PDF
  • Catalogue Page
    Updated Date
    24.05.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Fladgate LLP 16, Great Queen Street
London
WC2B 5DG
Stephen Lewis 0203 036 7231slewis@fladgate.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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