Site area of approximately 0.332 acres (0.134 hectares)
Lot 63
Auction 7th December 2017
Rent
Status Sold
Price £410,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Gala Leisure
Property Information
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham Airport
Situation
Hereford is a a popular cathedral city in the West Midlands. The property is situated on Berrington Street, just off the main retailing pitch. Nearby occupiers include Crunch Fitness, Berrington Street NCP car park and Job Centre Plus. Adjacent to the property is the Packer House development, comprising office and retail accommodation.
Tenure
Freehold.
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham Airport
Situation
Hereford is a a popular cathedral city in the West Midlands. The property is situated on Berrington Street, just off the main retailing pitch. Nearby occupiers include Crunch Fitness, Berrington Street NCP car park and Job Centre Plus. Adjacent to the property is the Packer House development, comprising office and retail accommodation.
Tenure
Freehold.
Description
The property comprises a bingo hall currently arranged to provide leisure accommodation on ground and first floors. The property benefits from a site area of 0.332 acres (0.134 hectares).
VAT
VAT is not applicable to this lot.
Completion Period
Five Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a bingo hall currently arranged to provide leisure accommodation on ground and first floors. The property benefits from a site area of 0.332 acres (0.134 hectares).
VAT
VAT is not applicable to this lot.
Completion Period
Five 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
Reversion
Ground First
Bingo Hall
966.19 sq m 369.10 sq m
(10,400 sq ft) (3,973 sq ft)
GALA LEISURE LIMITED (1)
2 years from completion of the sale on a full repairing and insuring lease (2)
£50,000
January 2020
Totals
1,335.29 sq m
(14,373 sq ft)
£50,000
(1) For over twenty years, Gala Bingo has been the UK’s most loved and trusted bingo operator, a household name in the gaming industry with over 143 clubs, 5 million members and paying out prizes across retail and online of over £42 million per week (Source:galabingo.com 13/11/2017). For the year ending 14th January 2017, Gala Leisure Limited reported a turnover of £360,710,000, a pre-tax loss of £19,031,000 and a total net worth of £222,896,000 (Source: Experian Group 13/11/2017.) (2) The lease is subject to a schedule of condition. The lease provides a rolling landlord only option to determine subject to 3 months’ notice.