Beales Department Store 79 - 87 Deansgate Bolton Greater Manchester BL1 1HE

Beales Department Store
79 - 87 Deansgate
Bolton
Greater Manchester
BL1 1HE

Freehold Department Store Investment

Attractive period building with extensive frontage onto Deansgate
Let to JE Beale Plc t/a Beales Department Store
Nearby occupiers include McDonalds, Nationwide Building Society, Caffè Nero and The Carphone Warehouse.
Future redevelopment opportunity (subject to consents)
Producing £168,257 p.a.x. (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
60
Auction
13th October 2016
Rent
£168,257 per Annum Exclusive
Status
Sold
Price
£800,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On the instructions of Joint Receivers at BDO

Important Update

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Freehold Department Store Investment

Attractive period building with extensive frontage onto Deansgate
Let to JE Beale Plc t/a Beales Department Store
Nearby occupiers include McDonalds, Nationwide Building Society, Caffè Nero and The Carphone Warehouse.
Future redevelopment opportunity (subject to consents)
Producing £168,257 p.a.x. (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 60
Auction 13th October 2016
Rent £168,257 per Annum Exclusive
Status Sold
Price £800,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On the instructions of Joint Receivers at BDO

Property Information

Location

Miles: 12 miles north west of Manchester
Roads: A58, A666, M6, M60, M61, M62
Rail: Bolton Rail
Air: Manchester Airport

Situation

The property occupies a prominent corner position fronting Deansgate at its junction with Old Hall Street North. The property is just off the pedestrianised zone of Oxford Street and a short distance from The Compton Place Shopping Centre which houses occupiers including Poundland, Thomas Cook and W H Smith. Just south of the property is Victoria Square and Newport Street which is currently undergoing considerable regeneration, including a new £48m transport interchange. Other nearby occupiers include McDonald’s, Nationwide Building Society, Caffè Nero and The Carphone Warehouse.

Tenure

Freehold.

Location

Miles: 12 miles north west of Manchester
Roads: A58, A666, M6, M60, M61, M62
Rail: Bolton Rail
Air: Manchester Airport

Situation

Tenure

Freehold.

Description

The property is an attractive Grade II listed department store comprising retail and office accommodation on basement, ground, first, second and third floors. The department store also operates in the adjoining building, Paderborn House, on a separate lease which does not form part of the sale. The two properties intercommunicate.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of the Joint Receivers Kerry Bailey of BDO LLP, 3 Hardman Street, Manchester, M3 3AT and James Money of BDO LLP, 55 Baker Street, London, W1U 7EU 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 Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint 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

VAT

VAT is applicable to this lot.

Note

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) (1)		Tenant	Term	Rent p.a.x	Review
Ground Basement First Second Third	Retail Retail Retail Retail Office/Ancillary	1,572.6 sq m 732.5 sq m 1,572.6 sq m 1,482.4 sq m 819.5 sq m	(16,928 sq ft) (7,885 sq ft) (16,928 sq ft) (15,956 sq ft) (8,821 sq ft)	JE BEALE PLC t/a Beales Department Store	30 years from 28/10/1999 until 06/11/2029 (2)	£168,257 (2)	28/10/2019
Totals						£168,257 (2)

(1) The approximate gross internal floor areas above were measured in accordance with the Royal Institution of Chartered Surveyors Code of Measuring Practice (6th Edition) for the purposes of a valuation prepared on behalf of the Joint Receivers. These are provided for indicative purposes, however, no warranties as to the accuracy of these figures can be provided to prospective purchasers.
(2) In March 2016 a proposal by the tenant for a Company Voluntary Arrangement (CVA) was accepted by the company's creditors. Under the terms of the CVA the rent has been reduced to 25% of the contractual rent of £560,856 p.a.x, plus 5% of the contractual rent in lieu of dilapidations. The total current income is therefore £168,257 p.a.x. The CVA rent will be paid until 24th January 2017 after which the tenant will either provide notice of an intention to remain in occupation (providing 30 days notice) or will vacate the property. For further information please refer to the legal pack.