646 & 648 Ormskirk Road Pemberton Wigan Greater Manchester WN5 8BE

646 & 648 Ormskirk Road
Pemberton
Wigan
Greater Manchester
WN5 8BE

Virtual Freehold Retail Investment

Let to Coral Racing Ltd on a 16 year lease until 2027 (no breaks)
Minimum rental increases to the greater of 2.5% per annum compounded or open market rental value
Six Week Completion

Lot
56
Auction
17th October 2013
Rent
£10,800 per Annum Exclusive
Status
Sold
Price
£160,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
Mayfair
London W1K 2HP

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Virtual Freehold Retail Investment

Let to Coral Racing Ltd on a 16 year lease until 2027 (no breaks)
Minimum rental increases to the greater of 2.5% per annum compounded or open market rental value
Six Week Completion

Lot 56
Auction 17th October 2013
Rent £10,800 per Annum Exclusive
Status Sold
Price £160,000
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
Mayfair
London W1K 2HP

Property Information

Location

Miles: 2 miles west of Wigan Town Centre, 18 miles north-west of Manchester,; 19 miles south of Preston, 18 miles east of Liverpool
Roads: M6, M58, A577, A49.
Rail: Pemberton Rail Station, Wigan North Western.
Air: Liverpool John Lennon Airport, Manchester International Airport

Situation

The property is situated on the busy Ormskirk Road (A577), a main thoroughfare between Wigan and the M6 and M58. Nearby occupiers include a Premier Convenience store, Lidl and an ESSO petrol station.

Tenure

Virtual Freehold. Held on two leases each for a term of 990 years from 30th April 1852 until 2842 at a combined current rent reserved of £8 per annum exclusive.

Location

Miles: 2 miles west of Wigan Town Centre, 18 miles north-west of Manchester,; 19 miles south of Preston, 18 miles east of Liverpool
Roads: M6, M58, A577, A49.
Rail: Pemberton Rail Station, Wigan North Western.
Air: Liverpool John Lennon Airport, Manchester International Airport

Situation

The property is situated on the busy Ormskirk Road (A577), a main thoroughfare between Wigan and the M6 and M58. Nearby occupiers include a Premier Convenience store, Lidl and an ESSO petrol station.

Tenure

Virtual Freehold. Held on two leases each for a term of 990 years from 30th April 1852 until 2842 at a combined current rent reserved of £8 per annum exclusive.

Description

The property comprises a traditional mid terrace building with double fronted retail accommodation on the ground floor and ancillary accommodation on the first floor. The property benefits from an external yard area to the rear.

VAT

VAT is not applicable to this lot.

EPC

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

Description

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	Reviews
Ground First	Retail Ancillary	83.45 sq m Not measured	(898 sq ft) Not measured	CORAL RACING LIMITED (1)	16 years from 28/02/2011 until 27/02/2027 on a full repairing and insuring lease	£10,800 Rising to a minimum of £12,219 p.a.x in 2016	25/03/2016 25/03/2021 (2)
Totals		83.45 sq m	(898 sq ft)			£10,800

(1) Coral Racing Limited is part of the Gala Coral Group and together with their online presence, trade from over 1,700 outlets across the UK with a market share of approximately 20% (www.coral.co.uk). For the year ending 29/09/2012, Coral Racing Limited reported a turnover of £603,447,000, pre-tax profits of £101,348,000 and a total net worth of £61,039,000. (Source: www.riskdisk.com 17/09/2013)
(2) The lease provides for the rent to be reviewed to the greater of open market rental value or an increase by 2.5% p.a compounded.