Let to Buzz Group Ltd (formerly Gala Leisure Ltd) on a lease expiring 2039 (no breaks)
Annual RPI linked rental increases subject to a minimum of 1% and a maximum of 4%
Opposite new part built residential development of 217 Barratt Homes
24,760 sq ft with 150 car parking spaces on a site of 2.5 acres
VAT-free investment
Lot 12
Auction 11th July 2019
Rent £149,818 per Annum Exclusive
Status Sold
Price £2,115,000
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of a Major Fund
Property Information
Location
Miles
17 miles north-west of Birmingham
33 miles south-east of Shrewsbury
33 miles south of Stoke-on Trent
Roads
A459, M5 (Junction 2)
Rail
Wolverhampton
(1 hour 49 minutes direct to London Euston)
Air
Birmingham International Airport
Situation
Wolverhampton is a large city and metropolitan borough in the West Midlands approximately
17 miles north-west of Birmingham. The property is located 2 miles north of Wolverhampton city centre in a mixed commercial and residential suburb.
The property is prominently situated on Bushbury Lane, close to its junction with Showell Road. Bushbury Lane connects to Stafford Road (A449), which in turn connects to the M54 2.5 miles to the north. The property is adjacent to a new part built residential development of 217 Barratt Homes.
Tenure
Freehold.
Location
Miles
17 miles north-west of Birmingham
33 miles south-east of Shrewsbury
33 miles south of Stoke-on Trent
Roads
A459, M5 (Junction 2)
Rail
Wolverhampton
(1 hour 49 minutes direct to London Euston)
Air
Birmingham International Airport
Situation
Wolverhampton is a large city and metropolitan borough in the West Midlands approximately
17 miles north-west of Birmingham. The property is located 2 miles north of Wolverhampton city centre in a mixed commercial and residential suburb.
The property is prominently situated on Bushbury Lane, close to its junction with Showell Road. Bushbury Lane connects to Stafford Road (A449), which in turn connects to the M54 2.5 miles to the north. The property is adjacent to a new part built residential development of 217 Barratt Homes.
Tenure
Freehold.
Description
The property is arranged on ground floor and comprises a bingo hall, bar, kitchen, offices, reception, WCs and storage accommodation. The property benefits from a car park with 150 spaces on a site of approximately 2.5 acres.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is arranged on ground floor and comprises a bingo hall, bar, kitchen, offices, reception, WCs and storage accommodation. The property benefits from a car park with 150 spaces on a site of approximately 2.5 acres.
VAT
VAT is not 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
Ground
Leisure
2,300 sq m
(24,760 sq ft)
BUZZ GROUP LIMITED formerly GALA LEISURE LIMITED (1)
25 years from 19/12/2014 on a full repairing and insuring lease
£149,818.04
19/12/2019 Annual rental increases linked to RPI (2)
Total
2,300 sq m
(24,760 sq ft)
£149,818.04
(1) For the year ended 13th January 2018, Buzz Group Limited reported a turnover of £267,804,000, pre-tax profits of £13,692,000 and a net worth of £149,048,000 (Source: Experian 07/06/2019). "We're already Britain's biggest Bingo club and now we're online too. We're proud to have 119 real clubs, a community of over 1 million real people" (Source: www.buzzbingo.com). (2) The rent reviews are linked to the Retail Price Index subject to a minimum of 1% and a maximum of 4% with the next review in December 2019.
Contacts
Seller's Solicitors
Hogan Lovells Solicitors Atlantic House, Holburn Viaduct London EC1A 2FG
