22 Cheapside
Lancaster
LA1 1LZ

Freehold Retail Investment

  • Let to Cashino Gaming Ltd, guaranteed by Praesepe Limited, until 2026
  • Prime pedestrianised location
  • Opposite the main entrance to St Nicholas Arcades, Shopping Centre
  • Neighbouring occupiers include Specsavers, McDonald’s, Three, Greggs and Betfred
  • Lot
    35
  • Auction
    18/Oct/2018
  • Rent
    £50,000 per Annum Exclusive
  • Status
    Available
  • Price*
    Contact Us
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 22 Cheapside<br>Lancaster<br>LA1 1LZ
  • Expand
  • Photos
  • Map

Property Information

Location
Miles
45 miles north-west of Manchester, 57 miles north of Liverpool
Roads
A6, M6
Rail
Lancaster Railway Station
Air
Leeds Bradford International Airport, Manchester International Airport
Situation

Lancaster is an attractive cathedral and university city aswell as an important regional commercial centre. The property is prominently located on the west side of the pedestrianised Cheapside, opposite the main entrance to St Nicholas Arcades Shopping Centre, with occupiers including Next, Boots and Superdrug. Neighbouring occupiers include Specsavers, McDonald’s, Three, Greggs and Betfred

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation with first and second floor ancillary accommodation.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x Review/
(Reversion)
Ground
First
Second
Retail
Ancillary
Ancillary
82.22 sq m
78.50 sq m
36.70 sq m
(885 sq ft)
(845 sq ft)
(395 sq ft)
CASHINO GAMING
LTD on assignment
from Luxury Leisure
and guaranteed by
Praesepe Limited
(1) (2) (3)
20 years from
03/10/2006 on a full
repairing and
insuring lease
£50,000 (2)03/10/2021
(02/10/2026)
Total
197.42 sq m
(2,125 sq ft)  £50,000 

(1) Cashino currently operates from over 165 branches nationwide (www.cashino.com).
(2) The property is let to Cashino Gaming Limited on assignment and with an Authorised Guarantee Agreement (AGA) from Luxury Leisure (CRN 02448035) for a term of 15 years from 03/10/2016 until 02/10/2021. Cashino Gaming Limited signed a reversionary lease from 03/10/2021 until 02/10/2026. The reversionary lease is guaranteed by Praesepe Limited. There is a deed of variation dated 17th April 2017 varying the rent reserved under the terms of the original lease from £55,000 per annum exclusive to £50,000 per annum exclusive.
(3) For the year ending 31st December 2017 Luxury Leisure (CRN 02448035) reported a turnover of £62,678,152, pre-tax profits of £5,336,693 and a total net worth of £1,969,897 (Source: Experian Group 17/09/2018).

Property Documents

  • Solicitors Legal Pack
    Updated Date
    10.10.18
    File Size
    11 MB
    Login to View
  • Site Plan
    Updated Date
    26.09.18
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    26.09.18
    File Size
    612 KB
    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
Sintons LLP The Cube, Barrack Road
Newcastle upon Tyne
NE4 6DB
David Naughten 0191 226 3647David.Naughten@sintons.co.uk

Useful Links

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now