Majority let to Ladbrokes Betting and Gaming Limited
2017 tenant break option removed (2)
Asset Management Opportunities
Prime pedestrianised Town Centre location
Opposite Freshney Place Shopping Centre housing occupiers including Marks & Spencer, House of Fraser, Costa Coffee and TK Maxx
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 31
Auction 30th March 2017
Rent £39,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Knight Frank Joint LPA Receivers
Property Information
Location
Miles
33 south-east of Kingston upon Hull, 35 north-east of Lincoln
Roads
A1, M1 and M180
Rail
Grimsby Town Railway Station
Air
Humberside Airport
Situation
The property is situated on the southern side of the pedestrianised Victoria Street West, which is the prime shopping street in Grimsby. Freshney Place Shopping Centre is opposite the property, housing retailers including Marks & Spencer, House of Fraser, TK Maxx, Costa Coffee and Caffè Nero. Other nearby occupiers include McDonald’s, Argos, Poundland and Wilko.
Tenure
Freehold.
Location
Miles
33 south-east of Kingston upon Hull, 35 north-east of Lincoln
Roads
A1, M1 and M180
Rail
Grimsby Town Railway Station
Air
Humberside Airport
Situation
The property is situated on the southern side of the pedestrianised Victoria Street West, which is the prime shopping street in Grimsby. Freshney Place Shopping Centre is opposite the property, housing retailers including Marks & Spencer, House of Fraser, TK Maxx, Costa Coffee and Caffè Nero. Other nearby occupiers include McDonald’s, Argos, Poundland and Wilko.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with self-contained accommodation on the first and second floors, accessed from the front.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with self-contained accommodation on the first and second floors, accessed from the front.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
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
Retail
192.50 sq m
(2,072 sq ft)
LADBROKES BETTING AND GAMING LIMITED (1)
15 years from 20/08/2007 until 19/08/2022 (2)
£39,000
20/08/2017
First Second
Office/former salon Office/former salon
170.20 sq m 26.30 sq m
(1,832 sq ft) (283 sq ft)
VACANT POSSESSION
Total
389.00 sq m
(4,187 sq ft)
£39,000
(1) For the year ending 31st December 2015, Ladbrokes Betting & Gaming Limited reported a turnover of £830,679,000, pre-tax profits of £49,866,000 and a total net worth of £1,191,903,000 (Source: Experian Group 07/02/2017). (2) The lease provided a tenant only option to determine the lease in August 2017. This has now been removed in return for a 4.5 month rent free period expiring on 11th August 2017. The Seller has agreed to adjust the completion monies so that the property will effectively produce £39,000 p.a.x from completion of the sale until the expiry of the rent free period. Please refer to the legal pack for further information.
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