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Lot 18

Let to Coral Racing until 2031 without break
6 Week Completion

Situation

Located in the heart of the town centre, opposite Heron Foods and Co-op Supermarket amongst such multiples as Greggs, Boots Pharmacy, McColl's & Post Office and a host of local traders.
Egremont lies on the main A595 approx. 5 miles south of Whitehaven and approx. 11 miles south of Workington.

Property

A semi-detached building comprising a Ground Floor Double Betting Shop with internal access to Ancillary Accommodation on first floor level.

Accommodation

Ground Floor Betting Shop
Gross Frontage 28'5”
Internal Width 23'10”
Shop Depth 22'6”
Built Depth 38'9”
Customer WCs
Part First Floor Ancillary (see Note)
Area Approx 78 sq ft plus Staff WC

Note: Only part of the first floor is used as ancillary accommodation, the remainder of the upper floors have been sealed off and are not currently used by the tenant.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease (limited repairing liability to the upper parts) to Coral Racing Ltd (see Tenant Profile) for a term of 20 years from 24th September 2011 at a current rent of £8,501 per annum exclusive.

Rent Review September 2021 to the greater of OMV or 2% p.a. compounded. Therefore, the minimum rent in 2021 will be £9,385.79 p.a. Further Rent Review September 2026 to OMRV only.

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.

*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.

61 & 62 Main Street, Egremont, Cumbria CA22 2DB