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Lot 15

Gross Yield 10.1%
On behalf of Pension Fund Trustees
7 YEARS UNEXPIRED TO CORAL RACING WITH NO BREAKS

Situation

Located in the town's principle pedestrianised shopping thoroughfare, amongst a host of multiple occupiers such as Halifax, Post Office, Card Factory, Superdrug, Greggs, Specsavers, Domino's, Poundland and TUI Travel Agents and in close proximity to Mexborough Mainline Station.
Mexborough is a market town located 5 miles north of Rotherham and 7 miles west of Doncaster, benefitting from good road links being only 4 miles east of the A1(M) via the A6023.

Property

An end of terrace building comprising a Ground Floor Shop and Basement with internal and separate side and rear access to Ancillary Accommodation (previously a flat & photography studio) at first floor level.

Accommodation

Ground Floor Shop
Gross Frontage 27'11''
Return Frontage 45'9''
Internal Width 30'1''
Shop Depth 33'2''
Built Depth 43'5''
Sales Area Approx. 998 sq ft plus WCs
Basement Area Approx. 392 sq ft
First Floor Ancillary
3 Rooms, Kitchen, 4 WCs Approx. 628 sq ft

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Coral Racing Ltd (see Tenant Profile) for a term of 16 years from 3rd February 2011 at a current rent of £20,139 per annum exclusive (see Note 1).

Rent Review 2021 to greater of Open Market Rental Value or 2.5% p.a. compounded. Therefore, the minimum rent in 2021 will be £22,785.43. p.a.

Tenant Profile

Ladbrokes and Coral merged in 2016 to create Ladbrokes Coral Group Ltd, the largest bookmakers in the UK with some 3,500 stores. For Y/E 31/12/17, Coral Racing Limited reported a T/O of £598.4m, Pre-Tax Profit of £7.6m and Shareholders' Funds of £237.5m.

Note 1: The Freeholder received a letter from the tenant dated 22nd November 2019 requesting a 20% rent reduction to which the Freeholder has not agreed.

Note 2: 6 Week completion

*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.

81 & 83 High Street, Mexborough, South Yorkshire S64 9AB