MANALIVE PORTFOLIO HIGH YIELDING LEISURE PORTFOLIO - Allsop
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MANALIVE PORTFOLIO
HIGH YIELDING LEISURE PORTFOLIO
MANALIVE PORTFOLIO
DUNDEE
■
PERTH
■
The MANALIVE PORTFOLIO offers the GLASGOW (2)
opportunity to acquire 5 high yielding
EDINBURGH
■
leisure investments let to Mecca Bingo Ltd
and Rank Group Gaming Division Ltd
both 5A1 covenants for 7.4 years unexpired. NEWCASTLE UPON TYNE
■
■
CARLISLE
HARTLEPOOL
CHECK TEXT ■
MIDDLESBROUGH
LANCASTER
■ HARROGATE YORK
■ ■
HULL
■
BOLTON
LIVERPOOL ■
■
MANCHESTER SHEFFIELD
LINCOLN
■
NOTTINGHAM
■
DERBY
■
TELFORD
■
■ LEICESTER NORWICH
WOLVERHAMPTON
■
BIRMINGHAM
■
■
COVENTRY
CAMBRIDGE BURY
NORTHAMPTON ST EDMUNDS
■ ■
■
■
MILTON
KEYNES
OXFORD
■
■
SWANSEA SWINDON
■
READING LONDON
■ ■
CARDIFF ■
BRISTOL
■
BATH
MANALIVE PORTFOLIO INVESTMENT CONSIDERATIONS Five modern purpose built Bingo halls Freehold or Heritable (equivalent of English freehold) Let to Mecca Bingo Ltd and Rank Group Gaming Division Ltd Let on FRI leases expiring 28th September 2022 (7.4 years unexpired) Open market rent review 29th September 2017 5A1 covenants GIA of approximately 219,229 sq ft (20,366.2 sq m) Total income £1,885,285 p.a Low average rate of £8.60 per sq ft Prominent retail and leisure locations Large sites with potential development opportunities (subject to planning) Offers in excess of £21,100,000 (Twenty One Million One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.45%, allowing for purchaser’s costs of 5.80% and a low capital value of £96 per sq ft.
MANALIVE PORTFOLIO
MANALIVE PORTFOLIO
TENANCY DETAILS
Property Tenant Lease Start Rent Review Lease End Area Sq Ft Area Sq M Passing Rent Rent psf
Warrior Retail Park, Hartlepool, TS24 0XS Mecca Bingo Ltd 29/09/1997 29/09/2017 28/09/2022 30,138 2,799.9 £262,500 £8.71
The Forge, East Wellington Street, Parkhead, Glasgow, G31 4EB Rank Group Gaming Division Ltd 29/09/1997 29/09/2017 28/09/2022 50,067 4,651.3 £627,500 £12.53
Knotty Ash, 439 East Prescot Road, Liverpool, L14 2DE Mecca Bingo Ltd 29/09/1997 29/09/2017 28/09/2022 32,853 3,052.1 £263,300 £8.00
Southwater Square, St Quinten’s Gate, Telford, TF3 4HS Rank Group Gaming Division Ltd 30/09/1997 29/09/2017 28/09/2022 56,517 5,250.6 £384,285 £6.80
Axis West, Gt Western Road, Drumchapel, Glasgow, G15 6SA Rank Group Gaming Division Ltd 29/09/1997 29/09/2017 28/09/2022 49,654 4,613.0 £347,700 £7.00
Total 219,229 20,366.2 £1,885,285
COVENANT
The Rank Group plc is a gambling and leisure company with headquarters in Maidenhead with operations in the United Kingdom, Belgium and Spain.
It operates 55 Grosvenor Casinos, 98 Mecca Bingos and Rank Interactive (online gaming and betting). In addition, Rank operates in Spain as Top Rank España) and in Belgium as Grosvenor Casinos.
The Rank Group is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. EPCs
Copies of the Energy Performance
certificates can be provided upon request.
Mecca Bingo Ltd (01854120) has a D&B rating of 5A1 and produced the following
accounts for the last three financial years:
Rank Group Gaming Division Ltd (03213743) has a D&B rating of 5A1 and produced the
following accounts for the last three financial years: VAT
Year Ending 30 Jun 2012 30 Jun 2013 30 Jun 2014 Year Ending 30 Jun 2012 30 Jun 2013 30 Jun 2014
We understand the properties are currently
Turnover 329,085,000 216,949,000 213,869,000 Turnover 31,981,000 26,410,000 25,906,000 elected for VAT, therefore VAT will be payable
the purchase price. It is envisaged that the
Pre-Tax Profits 90,101,000 -32,554,000 8,628,000 Pre-Tax Profits 2,922,000 3,099,000 5,345,000
sale will be dealt with as a Transfer of a
Net Worth 469,538,000 430,515,000 438,983,000 Net Worth 779,610,000 780,339,000 783,881,000 Going Concern (TOGC).
MECCA BINGO, WARRIOR RETAIL PARK, HARTLEPOOL TS24 0XS
• Freehold
• Modern purpose built Bingo Hall
• Prime retail and leisure location
• Total gross internal area 30,138 sq ft (2,799.9 sq m)
• Let to Mecca Bingo Ltd (Guaranteed by Rank Group Gaming Division
Ltd)
• Lease expiry 28th September 2022
• Passing rent £262,500 p.a (£8.70 psf)
• Excellent car parking provision
• Rent is a discount to Anchor Retail Park where rents are £18 - £20 psf
• Tenant option to extend for a further 10, 15 or 20 years
MANALIVE PORTFOLIO
MECCA BINGO, WARRIOR RETAIL PARK, HARTLEPOOL TS24 0XS
NEWCASTLE
TYNEMOUTH
NEWCASTLE SOUTH
SHIELDS
UPON TYNEJARROW
GATESHEAD
SUNDERLAND
WASHINGTON
A1(M)
DURHAM
MARINA
HARTLEPOOL
WAY
BILLINGHAM REDCAR
ANCHOR RETAIL PARK A1(M) MIDDLESBROUGH McDonalds
BROTTON
DARLINGTON
DURHAM
TEES VALLEY
INTERNATIONAL AIRPORT
Clarence Rd
The Lanyard
El
Sub
Sta
89
A6
Hartlepool THE LANYARD
n St
Lyn St
rch
Chu
0m 10m 20m 30m
Ch
u rch
St
Ordnance Survey © Crown Copyright 2015. All rights reserved.
Site outline for indicative purposes only. © Crown Copyright, ES
Licence number100004106
100022432. Plotted Scale - 1:1285
LOCATION DESCRIPTION for a guarantee to be put in place if the tenant ceases to be a
subsidiary of the guarantor company.
Hartlepool is a popular residential and commercial centre situated The property comprises a modern detached unit of steel portal
on the north east coast located 12 miles (19 km) north of frame construction which was purpose built and fully fitted out The lease provides for 5 yearly upward only rent reviews, the next one
Middlesbrough and 26 miles (41 km) south of Newcastle upon as a bingo hall in the late 1990’s. There is a double height feature being due in September 2017. The tenant benefits from an option to
Tyne. The town benefits from good road connections north and entrance reception leading to a foyer area with gaming machines, renew its lease for a term of 10, 15 or 20 years from lease expiry.
south via the A19 and A1 motorways. The town’s railway station which then leads into the main bingo hall. There are two bar areas
provides direct services to London Kings Cross and Newcastle. in the main hall, one of which has catering facilities to the rear.
ACCOMMODATION
Hartlepool has a resident population of 86,000 and a catchment At first floor level there are cellular offices, staff area, WC facilities
within 12 miles (20 km) of the town centre of 637,000. The for staff and a plant room. Area Sq ft Sq m
town is known for its port facilities and major tourist attractions Externally there are approximately 204 car parking spaces, which Ground Floor Bingo & First Floor 30,138 2,799.9
including the Maritime experience and Marina. are designated for customer car parking. Offices and Plant Room
Total 30,138 2,799.9
SITUATION TENANCY
The subject property is situated adjacent to Hartlepool Marina in The property is let on a FRI lease to Mecca Bingo Limited at a
a highly prominent position with good visibility from Marina Way SITE
passing rent of £262,500 p.a for a term of 25 years expiring on
(A179). The location is the town’s established and prime out of 28 September 2022. We calculate the site extends to approximately
town retail and leisure pitch. The property is located in close 2.92 acres (1.18 hectares).
The lease benefits from a full guarantee from Rank Group Gaming
vicinity to the Anchor Retail Park and adjacent to a modern Vue
Division Limited. The lease is also guaranteed by Rank Leisure
cinema, KFC and Travelodge. Other nearby occupiers includes
Holdings Limited to ensure that a) no dividend is paid unless TENURE
amongst others McDonalds, Asda, PC World and Argos.
a minimum threshold of £150m net assets is maintained b) Freehold
THE FORGE, EAST WELLINGTON STREET, PARKHEAD, GLASGOW G31 4EB • Heritable (equivalent of English freehold) • Modern purpose built Bingo Hall • Located opposite the Forge Shopping Centre • Total gross internal area 50,067 sqft (4,651.3 sq m) • Let to Rank Group Gaming Division Limited • Lease expiry 28th September 2022 • Passing rent of £627,500 p.a (£12.53 psf) • Rent is a discount to Forge Retail Park where rents are £18 - £20 psf • Tenant option to extend for a further 10, 15 or 20 years
MANALIVE PORTFOLIO
THE FORGE, EAST WELLINGTON STREET, PARKHEAD, GLASGOW G31 4EB
BISHOPBRIGGS
GLASGOW CITY CENTRE CLYDEBANK
ANNESLAND
SPRINGBURN M80
RENFREW
M8
GLASGOW
M8
CELTIC PARK
STADIUM
THE FORGE
M74
RETAIL PARK M77
RUTHERGLEN
CAMBUSLANG
Rigby St
reet
THE FORGE
SHOPPING CENTRE Shet
tlest
1201
on R
oad Shopping Centre
(Market)
Forge Shopping
Centre A89
The Forge Market
Car Parks
1221
Club
E a st W
ellingto
n Street
FORGE INDOOR
Hart Street
MARKET 20.4m
Winning R o w
Back Causeway
et
Parkhead Health Centre 20.7m
Nisbet Stre
EAST WE
LLINGTO
N STR
EET
21.0m
Salamanica
Street
140
t
Ravel Row
ig Stree
Ga
llo
wg uir Street Nisbet Business Centre
a te Westm ce
Derva
l Pla
Crai Parkhead Hospital Health Cen
tre
30
Sorby Street
0m 20m 40m 60m
Site outline for indicative purposes only. © Crown Copyright, ES 100004106
ad
Ro
Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1298
t
ck Stree
Beatto
eld
To
llc
gfi
ros
sR
rin
t
ee
oa
Sp
d
LOCATION DESCRIPTION ACCOMMODATION
Str
er
rgh
Bu
Glasgow is Scotland’s largest city and the third largest by The property comprises a modern detached unit of steel portal
Area Sq ft Sq m
population in the United Kingdom. The city sits centrally within the frame construction which was purpose built and fully fitted out as
Glasgow and Clyde Valley conurbation which has a population of a bingo hall in the late 1990’s. There is an entrance opposite The Ground Floor Quarrybrae Street
35,255 3,275.3
around 1.75 million. The nearest major city is Edinburgh, situated Forge Shopping Centre and another entrance at the east elevation Bingo Mezzanine 7,390 686.5
some 48 miles (77 km) to the east. overlooking the car park. The reception areas lead to a foyer area
with gaming machines, which then leads into the main bingo hall. Staff Room Mezzanine 7,422 689.5
There are two bar areas, one of which has catering facilities to the Total 50,067 4,651.3
SITUATION
rear. There is also a mezzanine area within the main hall. At first
The property is located at the junction of Gallowgate and Clyde floor level there are cellular offices, staff areas and WC facilities for
Gateway in the Parkhead district of Glasgow circa 4 km (2.5 staff and the plant room. SITE
miles) east of Glasgow city centre. The Forge Shopping Centre We calculate the site extends to approximately
Externally there are approximately 236 car parking spaces, which
is located to the northeast and the Forge Extra Retail Park is 2.78 acres (1.12 hectares).
are designated for customer car parking only.
located to the northwest. Adjacent to the property is the Forge
Market , Scotland’s largest purpose built indoor market. The area
is also home to Celtic Football Club, The Sir Chris Hoy Velodrome TENANCY TENURE
and the Emirates Arena. The property is let to Rank Group Gaming Division Ltd on a FRI Heritable (equivalent of English freehold).
Retail warehouse rents on Forge Retail Park range between £18 lease at a passing rent of £627,500 p.a expiring 28th September
- £20 psf. 2022 with a rent review in 29th September 2017.
The lease provides for 5 yearly upward only rent reviews, the next one
being due in September 2017. The tenant benefits from an option to
renew its lease for a term of 10, 15 or 20 years from lease expiry.
KNOTTY ASH, 439 EAST PRESCOT ROAD, LIVERPOOL, L14 2DE • Freehold • Modern Bingo Hall • Established retail location • Adjacent to Aldi, Burger King & KFC • Total gross internal area 32,853 sq ft (3,001 sq m) • Let to Mecca Bingo Limited (Guaranteed by Rank Group Gaming Division Ltd) • Lease expiry 28th September 2022 • Passing rent of £263,300 p.a (£8.00 psf) • Tenant option to extend for a further 10, 15 or 20 years
MANALIVE PORTFOLIO
KNOTTY ASH, 439 EAST PRESCOT ROAD, LIVERPOOL, L14 2DE
27.7m
LANCASTER Social
26 Services
HARROGATE M1 YORK Morley
YOUENS WAY
Court
M6
5
LEEDS
BLACKPOOL BRADFORD HULL
PRESTON 15
3
M62
11
HUDDERSFIELD
M61 M62
1
M58 M1 DONCASTER M180
MANCHESTER M18 7
1
42
LIVERPOOL SHEFFIELD
EAST PRESCOT ROAD
COLWYN BAY M53 Ward
Bdy
M56
LINCOLN
BANGOR MIDDLEWICH
5 28.3m
41
CHESTER
M1
STOKE-ON-TRENT
NOTTINGHAM
M6 DERBY
Youens Wa
STAFFORD Wo
o dfo
SHREWSBURY rd
y
R oa
Th
d
e
G
M54
re
M42
en
LEICESTER
w
ay
WOLVERHAMPTON 547
a d PETERBOROUGH
Ro
Bl
M1
ac
ot BIRMINGHAM
sc
km
re M6 M11
439
oo
tP
as M5
ay
r
Dr
E
rw
i ve
Mast
i
COVENTRY
Fa
KIDDERMINSTER
e
Th
M40
NORTHAMPTON
Road
rescot
East P 367
A57
ROAD
ESCOT
EAST PR
Gala
28.7m
Road
C
own
lose
rchd
Chu 396
Telecommunication Mast 29.0m
382
Pi
tc 370
Pit hB
ue
ch an
kR d
Aven
L oa
1
an oa
e d nR
ow
12
e
hd
ksid
rc
2
hu
11
0m 10m 20m 30m
Broo
C
GALA CL
© Crown Copyright, ES 100004106
PARISH
41
Ordnance Survey © Crown Copyright 2015. All rights reserved.
Licence number 100022432. Plotted Scale - 1:1250
OS
MEWS
E
LOCATION DESCRIPTION The lease provides for 5 yearly upward only rent reviews, the next
one being due in September 2017. The tenant benefits from an
The historic port of Liverpool is the UK’s sixth largest city and The property comprises a singlehe storey modern detached unit of
C
dw
ort option to renew its lease for a term of 10, 15 or 20 years from
the administrative centre of the County of Merseyside. The city steel portal frame construction which hR
oad was purpose built and fully
lease expiry.
has an urban population of approximately 435,000 and a wider fitted out as a bingo hall in the late 1990’s.
district population in excess of 1.8 million within 30 minutes of The reception area leads to a foyer area with gaming machines,
the city centre. which then leads into the main bingo hall. ACCOMMODATION
The city has excellent communication links with the M62, M57 Externally there are approximately 160 car parking spaces, which
and M58 motorways providing direct access off the M6, whilst Area Sq ft Sq m
are designated for customer car parking only.
the city centre is linked to the Wirral, Chester and North Wales Ground Floor 29,544 2,744.7
by two tunnels which gain access to the M53/Wirral Peninsula.
Mezzanine 3,309 307.4
TENANCY
SITUATION The property is let to Mecca Bingo Limited on a FRI lease at Total 32,853 3,052.1
The property is located in Knotty Ash, a suburb of Liverpool, a passing rent of £263,300 p.a expiring 28th September 2022
approximately 8.1 km (5 miles) to the east of the city centre connected with a rent review in 29th September 2017.
SITE
by the A57 (East Prescot Road). Junction 2 of the M57 is 3 miles to the The lease benefits from a full guarantee from Rank Group Gaming
We calculate the site extends to approximately
east, which joins the M62 approximately 3.2 km (2 miles) to the south. Division Limited. The lease is also guaranteed by Rank Leisure
2.35 acres (0.95 hectares).
The property is prominently positioned on the northern side of Holdings Limited to ensure that a) no dividend is paid unless a
the A57 dual carriageway adjacent to Aldi, KFC and Burger King. minimum threshold of £150m net assets is maintained b) for a
guarantee to be put in place if the tenant ceases to TENURE
be a subsidiary of the guarantor company.
Freehold.SOUTHWATER SQUARE, ST QUINTEN’S GATE, TELFORD, TF3 4HS • Freehold • Modern purpose built Bingo Hall • Part of the £200m Southwater Regeneration Scheme • Total gross internal area 56,517 sq ft (5,250.6 sq m) • Let to Rank Group Gaming Division Limited • Lease expiry 28th September 2022 • Passing rent of £384,285 p.a (£6.80 psf) • Tenant option to extend for a further 10, 15 or 20 years
MANALIVE PORTFOLIO
SOUTHWATER SQUARE, ST QUINTEN’S GATE, TELFORD, TF3 4HS
STAFFORD
NEWPORT
M6
SHREWSBURY
CANNOCK
M54
TELFORD CR
1
3b
ad r
3a
Arc ate
e
w
56
uth
So
Ramp
59
MADELEY
WOLVERHAMPTON
WALSALL
Def
BRIDGNORTH De
Multi-storey Car Park f
TELFORD M5
SHOPPING CENTRE DUDLEY
ST
QU
E NT
IN
GA
TE
STOURBRIDGE
A5
M54
Meeting
Telford Central Point Gas Gov
House
2
07
MULTI STOREY B5
ee
Q
u
ns
l
tra
CAR PARK w Staff
ord P
en
ay ark 1
Hotel
C
te A4 Bowling Alley
se
Telford sga 4 2
H o lli n
u
ho
Bingo Hall
od
WC
Wo
entre
Way
al
tr
en
Ice Rink
C
ICE RINK St
ge
Qu
an
int
en
Gr
’s G
ate
SOUTH WATER LEISURE SCHEME HOLLINSWOOD
Car Park
GGs
Post
Site outline for indicative purposes only. © Crown Copyright, ES 100004106
Que Southwater
en Eliz
ab e
t h Aven
LOCATION SITUATION DESCRIPTION ue
ACCOMMODATION
Telford is the largest town in Shropshire, with a The town is connected to Birmingham city The property is located within in Southwater leisure The property comprises a large detached two storey
Area Sq ft Sq m
Posts
population of 155,000, and is one of the fastest centre via the M54 motorway, with an average scheme in the town centre and benefits from good building of framed construction with brick façade to
growing towns in the UK. By 2026 it is expected journey time of 30 minutes by car. Regular rail presence and signage from St Quentin Gate, the provide a ground floor bowling alley and first 0m
floor10m 20m
Pond
Ground Floor Bowling Alley
30m 28,315 2,630.0
to have seen a 23% population increase and the services run to Birmingham Moor Street station main access to the town centre. Immediately to the bingo hall. First Floor Bingo Hall
Ordnance Survey © Crown Copyright 2015. All rights reserved.
25,443 2,363.7
Borough of Telford is identified as an important from Telford Central station, with an average north of the property is the Telford Shopping Centre,
Licence number 100022432. Plotted Scale - 1:1250
regional growth location as a result of this. journey time of 35 minutes. London Euston to which comprises approximately 1m sq ft of retail and First Floor Plant 2,759 256.3
Telford is located 30 miles west of Birmingham, Telford Central via Birmingham International has has recently undergone a £200m regeneration, which TENANCY & Ancillary
15 miles east of Shrewsbury and 145 miles an average journey time of 2hrs 15 mins. includes Southwater. The property is let to Mecca Bingo Limited on a FRI Total 56,517 5,250.6
north west of London. Other leisure uses in the vicinity include the council lease at a passing rent of £384,285 p.a expiring
run ice rink, a new Cineworld IMAX cinema, Premier 28th September 2022 with a rent review in 29th
Inn Hotel, Conference centre, new library and September 2017. SITE
visitor centre. The development opened in phases The ground floor is assigned to Tenpin Ltd under We calculate the site extends to approximately
in 2014 and has some further areas outlined for co-terminus lease terms at a current rent of 0.28 acres (0.69 hectares).
development. £164,918 pa outside the L&T 1954 act.
The lease provides for 5 yearly upward only rent
TENURE
reviews, the next one being due in September 2017.
The tenant benefits from an option to renew its lease Freehold.
for a term of 10, 15 or 20 years from lease expiry.AXIS WEST, GREAT WESTERN ROAD, DRUMCHAPEL, GLASGOW G15 6SA • Heritable (equivalent of English freehold) • Modern purpose built Bingo Hall • Located on Great Western Retail Park • Potential for alternative uses • Total gross internal area 49,686 sq ft (4,651.3 sq m) • Let to Mecca Bingo Limited • Lease expiry 28th September 2022 • Passing rent of £347,700 p.a (£7.00 psf) • Rent is a large discount to Great Western Retail Park where rents are £23.50 psf • Tenant option to extend for a further 10, 15 or 20 years
MANALIVE PORTFOLIO
AXIS WEST, GREAT WESTERN ROAD, DRUMCHAPEL, GLASGOW G15 6SA
BISHOPBRIGGS
CLYDEBANK
ANNESLAND
SPRINGBURN M80 D
OA
ER
YC
RD
LE
AL
RENFREW
M8
GLASGOW
M8
Currys
GREAT WESTERN RETAIL PARK B&Q M74
M77 Sainsburys
RUTHERGLEN
Allerdyce Drive
CAMBUSLANG
Allerdyce Road
G
re
e
at
nu
W
ve
es
lA
te
ei
rn
Great Western
cN
M
Ro
ad Retail Park
M
or
Ro
ad
ris e
on yc ad
Q erd Ro
ua
PLANNING CONSENT All yc e
dr rd
a Alle
Ki
FOR 50,000 SQnt FT
rk
w
oo OF OPEN A1 RETAIL
d
Av
en
ue
A8
2
Drive
as Drive
At
tle
e
Golf
Av Allerdyce Court
en
Dougl
ue
e
e nu
Av
ath
Da
e
ntr
lto
n
Du
Av
e nu
e
Strauss Avenue
C
o
Co
0m 10m 20m 30m
ns
Site outline for indicative purposes only. © Crown Copyright, ES 100004106
Bu
t,
P
rgh
C
on
C
st
on
,
st
Ordnance Survey © Crown Copyright 2015. All rights reserved.
dyB
Licence number 100022432. Plotted Scale - 1:1250
LOCATION DESCRIPTION ACCOMMODATION Fruin
Road
Glasgow is Scotland’s largest city and the third largest by The property comprises a modern detached unit of steel portal
Area Sq ft Sq m
population in the United Kingdom. The city sits centrally within the frame construction which was purpose built and fully fitted out
Glasgow and Clyde Valley conurbation which has a population of as a bingo hall in 1997. There is a double height feature entrance Ground Floor 34,842 3,236.9
around 1.75 million. The nearest major city is Edinburgh, situated reception leading to a foyer area with gaming machines, which Bingo Mezzanine 7,390 686.5
some 48 miles (77 km) to the east. then leads into the main bingo hall. There are two bar areas in the
main hall, one of which has catering facilities to the rear. Staff Room Mezzanine 7,422 689.5
Great Western Retail Park is located immediately off the A82
Great Western Road, approximately 6.5 miles (10.4 km) west At first floor level there are cellular offices, staff area, WC facilities Total 49,654 4,613.0
of Glasgow in the area of Drumchapel. Great Western Road for staff and a plant room. In addition, on the western elevation
leads directly to Glasgow City Centre. The commuter towns of there is a mezzanine which has been fitted out to shell condition.
Bearsden and Milngavie are located to the north and Clydebank
NCR754
SITE
Externally there are approximately 238 car parking spaces, which
is located to the south. are designated for customer car parking only. We calculate the site extends to approximately
3.53 acres (1.43 hectares).
SITUATION TENANCY
The subject property is situated in a highly prominent position The property is let to Rank Group Gaming Division Ltd on a FRI TENURE
with good visibility onto Great Western Road. Great Western lease at a passing rent of £347,700 p.a expiring 28th September Heritable (equivalent of English freehold).
Retail Park extends to approximately 250,000 sqft, with occupiers 2022 with a rent review in 29th September 2017.
including Sainsbury’s, Pets at Home, Curry’s PC World, B&Q, The lease provides for 5 yearly upward only rent reviews, the next
Pizza Hut and Burger King. one being due in September 2017. The tenant benefits from an
Retail warehouse rents on Great Western Park are in the region of option to renew its lease for a term of 10, 15 or 20 years from
£23.50 psf. lease expiry.MANALIVE PORTFOLIO
PROPOSAL
Offers in excess of £21,100,000 (Twenty One Million One Hundred Thousand Pounds),
subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield
of 8.45%, allowing for purchaser’s costs of 5.80%.
This will provide an attractive low capital value of £96 per sq ft.
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson Alex Butler Mark Dansky
020 7543 6709 020 7543 6722 020 7543 6813
jeremy.hodgson@allsop.co.uk alex.butler@allsop.co.uk mark.dansky@allsop.co.uk www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as
statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual
obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained
in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
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