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 18th October 2018
Rent
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
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.
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.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent 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).