Freehold Retail Investment with Future Residential Redevelopment Potential
Entirely let to William Hill (North Western) Limited with Guarantee from William Hill Organization Limited
Future residential redevelopment potential of upper floors (subject to consents)
Principal retailing street in popular and affluent town
Nearby occupiers include Boots the Chemist, New Look, Superdrug and WH Smith
Lot 28
Auction 13th July 2017
Rent £33,000 per Annum Exclusive
Status Sold
Price £415,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Wesleyan
Property Information
Location
Miles
50 miles north-west of Manchester, 14 miles west of Preston
Roads
A583, A584, M55 (Junction 4)
Rail
St Annes-on-Sea Railway Station
Air
Liverpool John Lennon Airport, Manchester Airport
Situation
Lytham St Annes is a popular and affluent Lancashire resort town famous for the Royal Lytham & St Annes Golf Club, a regular on the Open Championship rotation. The property is situated in a prominent position on the north side of St Annes Road West, the principal retailing street in Lytham St Annes and close to its junction with Garden Street. Nearby occupiers include Boots the Chemist, New Look, Superdrug, WH Smith and Tesco Express.
Tenure
Virtual Freehold. Held for a term of 980 years from 1st September 1877 at a rent of £9–08 per annum.
Location
Miles
50 miles north-west of Manchester, 14 miles west of Preston
Roads
A583, A584, M55 (Junction 4)
Rail
St Annes-on-Sea Railway Station
Air
Liverpool John Lennon Airport, Manchester Airport
Situation
Lytham St Annes is a popular and affluent Lancashire resort town famous for the Royal Lytham & St Annes Golf Club, a regular on the Open Championship rotation. The property is situated in a prominent position on the north side of St Annes Road West, the principal retailing street in Lytham St Annes and close to its junction with Garden Street. Nearby occupiers include Boots the Chemist, New Look, Superdrug, WH Smith and Tesco Express.
Tenure
Virtual Freehold. Held for a term of 980 years from 1st September 1877 at a rent of £9–08 per annum.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation, together with a self-contained residential maisonette on the first and second floors accessed to the rear of the property. The upper floors are in basic condition, are not currently used by the tenant and may benefit from future residential redevelopment potential, subject to a surrender of the lease in part and obtaining necessary consents.
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 a ground floor retail unit with basement ancillary accommodation, together with a self-contained residential maisonette on the first and second floors accessed to the rear of the property. The upper floors are in basic condition, are not currently used by the tenant and may benefit from future residential redevelopment potential, subject to a surrender of the lease in part and obtaining necessary consents.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground Basement First & Second
Retail Ancillary Residential
112.10 sq m 82.30 sq m 6 bedroom Maisonette (3)
(1,207 sq ft) (886 sq ft)
WILLIAM HILL (NORTH WESTERN) LIMITED with Guarantee from William Hill Organization Limited (1)
10 years from 03/09/2015 (2)
£33,000
03/09/2020 (02/09/2025)
Total Commercial Area
194.40 sq m
(2,093 sq ft)
£33,000
(1) William Hill is the UK’s number one provider of licensed betting offices, with 2,372 licensed betting shops in the UK, and employ more than 16,000 people in nine countries (Source: www.williamhillplc.com 14/06/2017). For the year ending 29th December 2015, William Hill Organization Limited reported a turnover of £873,900,000, pre-tax profits of £246,400,000 and a total net worth of negative -625,000,000 (Source: Experian Group 14/06/2017). (2) The lease provides for a tenant option to determine the lease on 2nd September 2020. (3) The upper floors are in basic condition and are not currently used by the tenant.
