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Lot 20

Gross Yield 15.7%

6 week completion

Situation

Located close to the junction with the pedestrianised Upper Millgate and to the Cascades Shopping Centre, adjacent to a large public car park and approx. 150 metres from Rotherham Central Railway Station. The property sits amongst other multiple operators such as Wilko (adjacent), William Hill and Costa Coffee.
Rotherham is a major commercial centre in South Yorkshire lying approx. 6 miles north-east of Sheffield and enjoying excellent road access via the M1 (Junction 33) and the M18 (Junction 1).

Property

A substantial detached building spread over 4 floors providing a bingo hall, reception area, gaming hall and ancillary/office accommodation extending to approx. 25,781 sq ft.

Accommodation¹
Frontage to Corporation Street 118 ft
Site Depth 107 ft
Site Area Approx. 0.36 Acres

Ground Floor Bingo Hall, Offices & Kitchen
Area Approx. 12,740 sq ft

Lower Ground Floor Storage
Area Approx. 960 sq ft

First Floor Offices & Bar
Area Approx. 9,545 sq ft

Mezzanine Bingo Hall
Area Approx. 2,536 sq ft

Total Net Internal Area Approx. 25,781 sq ft

¹Areas supplied by Vendor

VAT is applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring (subject to a schedule of condition) lease to Mecca Bingo Ltd (having approx. 85 Clubs) (T/O for Y/E 30/06/17 £203m, Pre-Tax Profit £39.8m and Shareholders' Funds £60.8m) for a term of 15 years and 50 days from 10th August 2006 at a current rent of £125,950 per annum exclusive.

Note 1: The tenant has the option to extend the lease.

Note 2: There may be future development potential, subject to planning and possession.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Mecca Bingo, Corporation Street, Rotherham, South Yorkshire S60 1NG