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
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.