Lot 22
GROSS YIELD 12.7%
6 Week completion
SITUATION
Located in the town’s main pedestrianised retail thoroughfare amongst such multiples as Asda, Iceland, Greggs, Brighthouse, Select, Thomas Cook, Card Factory, William Hill, B&M Bargains and Savers.
The property is located adjacent to the Asda car park and opposite Farnworth Bus Station and Farnworth Market Precinct.
Farnworth is a suburb of Greater Manchester, located approximately 10 miles north-west of Manchester city centre and 3 miles south of Bolton with easy access to the M61 (Junctions 2 & 3).
PROPERTY
A mid terraced building comprising a Ground Floor Amusement Arcade with Café (36 covers) with internal access to Storage at first and second floor levels.
The property benefits from a rear customer entrance which faces an entrance to the Iceland Supermarket and in addition the property provides access to the cafe’s outside seating and smoking area which is located to the rear of the adjoining unit, but is not included in the sale.
TENURE
No. 47 – Leasehold for a term of 999 years (less 5 days) from 4th June 1863 at an apportioned fixed ground rent of £1.18 p.a.
No. 49 – Leasehold for a term of 999 years (less 5 days) from 1st November 1870 at nil ground rent.
VAT is NOT applicable to this Lot
ACCOMMODATION
Ground Floor Amusement Arcade
Gross Frontage 30'6"
Internal Width 27'8"
Shop & Built Depth 65'1"
Area Approx. 1,500 sq ft
WC
First Floor Store Area Approx. 630 sq ft
Second Floor Not inspected – currently sealed off
TENANCY
The entire property is let on a full repairing and insuring lease to Cashino Gaming Limited as a Cashino Gaming Arcade (part of the Praesepe Group, which operates approx. 150 gaming venues, the Beacon chain of bingo clubs and an online Casino) for a term of 5 years from 22nd June 2014 (in occupation since 2010) at a current rent of £28,500 per annum exclusive.
Note 1: We understand the property has traded as a gaming arcade for at least 20 years.
