Lord Street Arcade
Lord Street / King Street
Wrexham
LL11 1LF

Modern Town Centre Retail/Leisure Arcade

  • Comprises six retail units and a large bar/restaurant
  • Busy retail concourse of the central bus terminal with a strong pedestrian flow
  • Active management potential
  • Nearby occupiers include Co-operative Food, JD Wetherspoon, Greggs, Superdrug and McDonald’s
  • Lot
    80
  • Auction
    24/May/2018
  • Rent
    £118,000 per Annum Exclusive
  • Status
    Withdrawn Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • Lord Street Arcade<br>Lord Street / King Street<br>Wrexham<br>LL11 1LF
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Property Information

Location
Miles
12 miles south-west of Chester, 32 miles south of Liverpool, 50 miles south-west of Manchester
Roads
A525, A534, A483
Rail
Wrexham Central Railway Station
Air
Liverpool John Lennon Airport
Situation

The property is situated in a prominent corner location adjacent to the town’s main bus centre, on the northern side of Lord Street, fronting both King Street and Trinity Street. Nearby occupiers include Co-operative Food, JD Wetherspoon, Greggs, Superdrug and McDonald’s.

Tenure

Long Leasehold. Held from Wrexham Borough Council for a term of 150 years from 1st July 2003 at a fixed peppercorn rent.

Description

The property, a shopping arcade arranged over ground and first floor, comprises six retail units and a large bar/restaurant.

VAT

VAT is 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

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
1GroundBetting Shop
85.10 sq m
(916 sq ft)
LADBROKES
BETTING &
GAMING LIMITED
(1)
10 years from
30/11/2016
£24,00030/11/2021
(29/11/2026)
2Ground &
First
Public House
557.97 sq m
(6,006 sq ft)
INDIVIDUAL
t/a Set The Bar
with guarantee
10 years from
02/04/2018 (2)
£30,000 (2)(01/04/2028)
3Ground
First
Hot Food
Takeaway
85.10 sq m
77.48 sq m
(916 sq ft)
(834 sq ft)
Y Y LEE
t/a Rainbow
Express Chinese
15 years from
24/06/2016 (3)
£25,00024/06/2021
and 2026
(26/02/2031)
4Ground
First
Retail
75.25 sq m
65.96 sq m
(810 sq ft)
(710 sq ft)
J & M EASTHAM
t/a The News Stop
12 years from 26/09/2012
(2018 tenant break not exercised) (4)
£15,000(25/09/2024)
Kiosk 1GroundRetail
32.61 sq m
(351 sq ft)
WREXHAM
COFFEE COMPANY LTD
5 years from
03/02/2016
£8,500(02/02/2021)
Kiosk 2 GroundRetail
33.35 sq m
(359 sq ft)
J & M EASTHAM12 years from
26/09/2012 (5)
£8,50026/09/2018
& three yearly
(25/09/2024)
Kiosk 3 GroundRetail
32.14 sq m
(346 sq ft)
THE VAPOUR
LOUNGE
(WREXHAM) LTD
5 years from
17/12/2015 (6)
£7,000(16/12/2020)
Total
1,044.96 sq m
(11,248 sq ft)
£118,000

(1) For the year ending 31st December 2016, Ladbrookes Betting & Gaming Limited reported a turnover of £843,978,000, pre-tax profits of negative £499,547,000 and a total net worth of £722,200,000 (Source: Experian Group 27/4/2018). The lease provides for the tenant to benefit from a concessionary rent of £12,000 p.a.x. until 29th September 2018. The rent payable from 29th September 2018 will be
£24,000 p.a.x. The seller will pay the buyer the difference between £12,000 p.a.x. and £24,000 p.a.x. from completion of the sale until 29th
September 2018. Therefore, the unit will produce £24,000 p.a.x. from completion of the sale.
(2) As to Unit 2, the tenant has occupied the unit since October 2014. The lease provides for a tenant option to determine the lease on the 5th anniversary of the term and a 6 month rent free period from the commencement of the term and for the 6 month rent free period in the event the tenant does not exercise the option to determine.
(3) As to Unit 3, the tenant business was sold in 2016 when the new business operator extended the lease to 2031. The lease is outside the security of tenancy provisions of the Landlord and Tenant Act 1954.
(4) As to Unit 4, the Tenants 26th September 2018 option to determine was not exercised and the seller is holding a £9,000 rent deposit.
(5) As to Kiosk 2, the lease provide for a tenant option to determine the lease on 26th September 2018 subject to 6 months’ notice. The tenant
has sublet the property.
(6) As to Kiosk 3, the tenant recently completed a refurbishment of the unit and has applied for a change of use to A3 and is now trading as a coffee shop.

Property Documents

  • Catalogue Page
    Updated Date
    02.05.18
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    02.05.18
    File Size
    3 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
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
W Legal 5th Floor Maybrook House, 40 Blackfriars Street
Manchester
M3 2EG
0161 835 2142
Michael Lopian 0844 967 2766michael.lopian@wlegal.co.uk

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