Let to Gala Leisure Limited, with surety from Gala Group Finance Limited, until 2032 (subject to an option to renew for another term up to 25 years)
Situated in Busy West London suburb
Substantial site suitable for alternative uses (subject to consents)
Let off only £6.19 per sq ft
Annual 2.5% comounded rental increases
Approximate site area of 0.52 hectares (1.27 acres)
Six Week Completion Available
Rent £174,124.60 per annum exclusive rising to £178,477.72 at 13/01/2011 and 2.5% growth every year thereafter
Lot 16
Auction 9th December 2010
Rent £174,124 per Annum Exclusive
Status Sold
Price £2,800,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
12 miles west of Central London
Roads
M4, A4, M25, A315
Rail
Hounslow Central (Underground), Hounslow Rail
Air
Heathrow Airport
Situation
Hounslow is a busy and diverse London suburb and is home to Heathrow Airport. The property is situated on the south side of Staines Road (A315), approximately 200 metres west of the busy pedestrianised town centre. Hounslow benefits from being a major retailing location centred around the significant Treaty Shopping Centre. Other major occupiers include Primark, Boots, Marks & Spencer and W H Smith.
Tenure
Freehold.
Location
12 miles west of Central London
Roads
M4, A4, M25, A315
Rail
Hounslow Central (Underground), Hounslow Rail
Air
Heathrow Airport
Situation
Hounslow is a busy and diverse London suburb and is home to Heathrow Airport. The property is situated on the south side of Staines Road (A315), approximately 200 metres west of the busy pedestrianised town centre. Hounslow benefits from being a major retailing location centred around the significant Treaty Shopping Centre. Other major occupiers include Primark, Boots, Marks & Spencer and W H Smith.
Tenure
Freehold.
Description
The property comprises is a single storey BINGO CLUB on a site of approximately 0.52 hectares (1.27 acres). The property benefits from some 55 car parking spaces.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises is a single storey BINGO CLUB on a site of approximately 0.52 hectares (1.27 acres). The property benefits from some 55 car parking spaces.
VAT
VAT is not applicable to this lot.
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
Bingo Hall
2,614 sq m
(28,137 sq ft)
GALA LEISURE LIMITED with surety from GALA GROUP FINANCE LIMITED (1)
25 years from 02/03/2007 until 2032 on a full repairing and insuring lease (2)
£174,124.60
2.5% compound annual increases on 13th January
Totals
2,614 sq m
(28,137 sq ft)
£174,124.60
(1) Gala is the UK’s leading bingo operator with 144 clubs throughout the UK with 22 million admissions every year and a 40% market share and over 6 million members. The Gala Coral Group is the only gambling company in the UK with significant businesses in the bookmaking, bingo and casino markets, both on the High Street and online. (Sources: www.galabingo.co.uk 12/11/2010 and www.galacoral.co.uk)(2) The lease provides for the tenant to renew the lease for a further term between 5 and 25 years at the end of the term. On renewal of the lease the rent will be reviewed every 5 years.
