Mecca Bingo
54 Eastgate Street
Gloucester
Gloucestershire
GL1 1QN

Freehold Leisure Investment

  • Entirely let to Mecca Bingo Limited - a part of The Rank Group
  • Approximately 23,004 sq ft with car parking
  • Site area of approximately 0.8 acres
  • Recent tenant break option not activated
  • Strategic town centre location close to Eastgate Shopping Centre
  • Option to renew the lease
  • Potential for alternative uses (subject to existing lease, planning and consents)
  • Lot
    46
  • Auction
    07/Dec/2017
  • Rent
    £155,959 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,300,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • Mecca Bingo<br>54 Eastgate Street<br>Gloucester<br>Gloucestershire<br>GL1 1QN
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Property Information

Location
Miles
9 miles west of Cheltenham, 20 miles north-west of Cirencester, 37 miles north of Bristol
Roads
A38, A40, M5 (Junction 11a)
Rail
Gloucester Railway Station
Air
Bristol Airport
Situation

The property is situated on the southern side of Eastgate Street, close to Gloucester's prime retailing pitch and near to where Northgate, Southgate and Westgate Street meet. Eastgate Shopping Centre is located nearby with retailers including Marks & Spencer, WHSmith, Tesco Express, Greggs, Poundland and B&M Bargains. Other nearby occupiers include Boots the Chemist and New Look. Eastgate Shopping Centre also provides car parking for approximately 400 cars.

Tenure

Freehold.

Description

The property comprises a bingo hall arranged over ground and circle floors with the basement providing ancillary accommodation. The property benefits from car parking to the rear.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

Bidder's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

FloorFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground
Basement
Circle Foyer
Circle
1,308.57 sq m
58.58 sq m
393.40 sq m
376.56 sq m
(14,085 sq ft)
(631 sq ft)
(4,235 sq ft)
(4,053 sq ft)
MECCA BINGO
LIMITED (1)
Approximately 15
years from
10/08/2006 on a full
repairing and insuring
lease (2)
£155,95928/09/2021
Totals
2,137.11 sq m
(23,004 sq ft)
  £155,959 

(1) For the year ending 30th June 2016, Mecca Bingo Limited reported a turnover of £209,543,000, pre-tax profits of £36,665,000 and a total net worth of £488,346,000 (Source: Experian Group 31/10/2017). Mecca Bingo are part of The Rank Group who have been entertaining Britain since 1937 under the Mecca & Grosvenor Casino brands (Source: www.rank.com 31/10/2017).
(2) The lease is full repairing and insuring, subject to a Schedule of Condition.

NB: Please note that the tenant has an option to renew the lease on expiry of the current lease and the term can be renewed for 5, 10 or 15 years at the tenant’s option.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    04.12.17
    File Size
    27 MB
    Login to View
  • Site Plan
    Updated Date
    14.11.17
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    14.11.17
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Associate Auctioneers
Lewis & Partners 15-19 Cavendish Place
London
W1G OQE
Stephen Raingold 020 7580 4333stephenraingold@lewisandpartners.com
Seller's Solicitors
Hamlins LLP Roxburghe House, 273-287 Regent Street
London
W1B 2AD
John Leasure +44 (0) 20 7355 6073jleasure@hamlins.co.uk

Useful Links

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