68/74 Victoria Street West
Grimsby
Lincolnshire
DN31 1BL

Freehold Retail Parade Investment

  • Let to Pizza Hut, Betfred and a Mobile Phone Shop
  • Mobile Phone Shop just let on new 10 year lease from August 2021 (no breaks)
  • Prominent Town Centre location close to Freshney Place Shopping Centre
  • Nearby retailers include Marks & Spencer, Primark, Superdrug, Pandora, Boots the Chemist, Greggs, JD Sports, McDonald's and Specsavers.
  • Lot
    17
  • Auction
    24/Sep/2021
  • Rent
    £92,839 per Annum Exclusive
  • Status
    Sold
  • Price*
    £705,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • 68/74 Victoria Street West, Grimsby, Lincolnshire, DN31 1BL
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
30 miles south-east of Hull
67 miles east of Sheffield
Roads
A16, A18, M180
Rail
Grimsby Town
Air
Humberside
Situation

The property is located in a prominent position on the south side of Victoria Street West, close to it's junction with George Street and Victoria Street South. The property is opposite Freshney Place Shopping Centre which includes retailers such as Marks & Spencer, Primark, Superdrug, Pandora, Boots the chemist, Greggs and JD Sports. Other nearby occupiers on Victoria Street include McDonald's and Specsavers.

Tenure

Freehold.

Description

The property comprises an unbroken parade of three shops, each arranged on the ground and first floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Various. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

 FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReview
68Ground
First
Retail/Ancillary
Ancillary
86.79 sq m
54.99 sq m
(934 sq ft)
(592 sq ft)
DONE BROTHERS
(CASH BETTING)
LIMITED t/a Betfred (1)
15 years from
30/06/2006 until
29/06/2021
(holding over)
£40,000-
70/72Ground
First
Retail/Ancillary
Ancillary
235.33 sq m
90.10 sq m
(2,533 sq ft)
(970 sq ft)
PIZZA HUT (UK)
LIMITED (2) t/a Pizza
Hut
5 years from
29/09/2018 until
28/09/2023
Turnover rent based
on 10% of turnover
£39,839 (3)
-
74Ground
First
Retail/Ancillary
Ancillary
25.53 sq m
34.74 sq m
(275 sq ft)
(374 sq ft)
HAKIM’S
COMMUNICATIONS
LIMITED with a
guarantee from RAFAY
COMMUNICATIONS
LIMITED (4)
10 years from
16/08/2021 until
15/08/2031 (5)
£13,00016/08/2026
Total
527.48 sq m
(5,678 sq ft)(5)  £92,839 (3) 

(1) For the year ending 27/09/2020, Done Brothers (Cash Betting) Limited reported a turnover of £300,796,000, pre-tax profit of £158,563,000 and a total net worth of £135,153,000 (Source: NorthRow 13/08/2021).
(2) Pizza Hut (UK) Limited filed for CVA on 28th September 2020. Whilst the rent under the terms of the lease was £42,500 per annum, from the commencement of the CVA, Pizza Hut have agreed to pay a 10% turnover rent for the duration of the CVA (paid monthly in arrears). For the period commencing 29/09/2020 and ending 11/07/2021 the turnover rent paid to the landlord was £31,216.68 + VAT.
(3) Adopting an estimated annualised rent assuming Pizza Hut continue to trade at similar levels to that reported between September 2020 and July 2021, the turnover rent paid annually will be approximately £39,839 + VAT. Please see legal pack for full details of the rent, service charge and insurance payments under the CVA.
(4) A rent deposit of £7,800 is held by the Vendor.
(5) The lease is subject to a rent free period of 3 months. The Vendor has agreed to top up the completion monies so that the property produces £13,000 from completion of the sale until the rent free period has passed. Please see Special Conditions of Sale.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Catalogue Page
    Updated Date
    03.09.21
    File Size
    752 KB
    View PDF
  • Site Plan
    Updated Date
    03.09.21
    File Size
    773 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854 +44 (0)7824 705 955billy.struth@acuitus.co.uk
Seller's Solicitors
BSG Solicitors 314 Regents Park Road, Finchley
London
N3 2JX
Jeremy Swerner 020 8343 4411jeremy@bsgsolicitors.com

Useful Links

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