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Leisure Investment Opportunity Mecca Bingo, Dundee Douglasfield Leisure Park | Douglas Road | Dundee | Dd4 8Jx Leisure Investment Opportunity Mecca Bingo | Dundee 02

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Leisure Investment Opportunity Mecca Bingo, Dundee Douglasfield Leisure Park | Douglas Road | Dundee | Dd4 8Jx Leisure Investment Opportunity Mecca Bingo | Dundee 02 LEISURE INVESTMENT OPPORTUNITY MECCA BINGO, DUNDEE DOUGLASFIELD LEISURE PARK | DOUGLAS ROAD | DUNDEE | DD4 8JX LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 02 INVESTMENT SUMMARY • The property comprises a purpose built bingo hall extending to 3,281 sq.m. (35,337 sq.ft.) with 223 car spaces, let to Mecca Bingo Ltd (D&B rating of 5A1). • The site extends to a total of 3.37 acres reflecting a low site coverage of c.21%. • Located in a well-established out of town retail and leisure zone on the North East side of Dundee city centre. Directly adjacent to Kingsway East Leisure Park which is anchored by Odeon Cinema (who have recently committed to a 10 year extension to their existing lease). • There has been significant investment in Dundee in recent times which forms part of a wider, longer term plan to regenerate and reinvent itself as a national cultural centre and hub. • Other occupiers in the immediate vicinity include Wickes Extra, McDonalds, ASDA, Pets at Home, Bensons for Beds and Archers Sleep Centre. • Heritable Interest (Scottish equivalent of English Freehold). • Let to Mecca Bingo Ltd subject to a schedule of condition at £319,864 per annum (£9.05 per sq.ft.) until September 2031 (12 years unexpired). • Tenant has recently refurbished and agreed a new 10 year extension to their existing lease. • Lease is subject to RPI linked rent reviews (collared and capped at 0.5%-2.5% per annum) in September 2023 and 2028. • We are instructed to seek offers in excess of £3,754,000 for our client’s Heritable interest. A purchase at this level would provide a Net Initial Yield of 8.00%, rising to a reversionary yield of 9.06% in 2023 and 10.25% in 2028, allowing for purchaser’s costs of 6.49% and reflects a low capital rate of £106 per sq.ft. LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 03 LOCATION Dundee benefits from a central geographic location, with The newly developed V&A International Centre for Design of Abertay Dundee now also a thriving community for young 90% of Scotland reachable within a 90 minutes’ drive. opened in September 2018 and is already widely recognised games designers. The city is located on the east coast of Scotland, South of across the world for its distinctive yet exceptional Aberdeen, North East of Glasgow and North of Edinburgh. architecture. Since its opening, a 42% increase in visitor Dundee Regeneration Often referred to as the ‘City of Discovery’, the population numbers to the waterfront area has been achieved with has grown to around 150,000 people and boasts a catchment other attractions in the region also recording significant Dundee is a dynamic and progressive city with a strong of over 600,000 within an hour’s drive. increases in tourism. In 2018, the Wall Street Journal ranked cultural identity and is steeped in a history of innovation Dundee as number 5 on its ‘Worldwide Hot Destinations’ list. There is an excellent motorway network with the A90/M90 and creativity. In recent years Dundee has become providing direct access to Aberdeen (north) and Edinburgh Dundee is a rejuvenated and exciting regional hub for a thriving cultural destination attracting increasing (south). Furthermore, Dundee railway station is located employment, boasting a diverse economy with a number numbers of tourists year on year. It is famed for its digital within the city centre and provides direct rail services of employment sectors represented. Digital media in media industry, internationally respected and renowned to Perth, Edinburgh, Glasgow and Aberdeen. Dundee is Dundee is highly regarded and the city has a strong universities and its vibrant design and creative sectors. Scotland’s fourth largest city. reputation in the world’s gaming industry with the University STRATHMARTINE RD A90 A923 PITKERRO RD A90 DOUGLA RD KINGSWAY KINGSWAY A92 Dundee City Centre A92 RIVER TAY A85 LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 04 SITUATION The property is located in a well-established out of town retail and leisure zone approximately 3 miles north east of Dundee city centre. It is located adjacent to Kingsway East Leisure Park which is anchored by Odeon Cinema who have recently committed to a 10 year extension to their existing lease. Other occupiers in the DRUMGEITH RD immediate vicinity include Wickes Extra, McDonalds, ASDA, Pets HAPPYHILLOCK ROAD at Home, Bensons for Beds and Archers Sleep Centre. BALUNIE DRIVE LONGTOWN ROAD DOUGLAS ROAD LEISURE INVESTMENT OPPORTUNITY MECCA BINGO, DUNDEE DOUGLASFIELD LEISURE PARK | DOUGLAS ROAD | DUNDEE | DD4 8JX LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 05 DUNDEE CITY CENTRE STRIPS OF CRAIGIE RD GREENDYKES RD KINGSWAY A90 KINGSWAY A90 DOUGLAS RD HAPPYHILLOCK RD LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 06 DEMOGRAPHICS Dundee is Scotland’s fourth largest city with a population of circa 150,000 people. Covering a total area of approximately 60 square kilometres and with a population density of 2,478 individuals living per square kilometre, it is one of the most densely populated cities in Scotland. The working age population is 98,700, HAPPYHILLOCK ROAD representing c. 67% of the total population. DESCRIPTION & ACCOMMODATION The property comprises a purpose built bingo hall occupied by Mecca Bingo Ltd which sits on a site of approximately 3.37 acres. Overall site coverage is relatively low at 21%. The building has capacity for 1,420 players and is of steel portal frame construction with a pitched roof and masonry walls which are partly covered with cladding panels. The customer car park lies to the south and east of the building and has been finished with tarmacadam and is suitably landscaped. A covered smoking area has been constructed on the east-facing principal frontage. Internally the property has been well maintained and was extensively refurbished Q1 2018 which included redecoration, new carpets, seating, bar and buffet service area and an extended gaming area. The property also benefits from air-conditioning. The property has been measured on a GIA basis and extends to the following area: Area sq.m. sq.ft. LONGTOWN ROAD Ground 2,844 30,623 Mezzanine Plant 138 1,487 0m 25m 50m 75m Mezzanine ANCILLARY 299 3,227 DOUGLAS ROAD Total 3,281 35,337 LEISURE INVESTMENT OPPORTUNITY | MECCA BINGO, DUNDEE DOUGLASFIELD LEISURE PARK | DOUGLAS ROAD | DUNDEE | DD4 8JX LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 07 LEISURE INVESTMENT OPPORTUNITY MECCA BINGO | DUNDEE 08 TENANCY UK BINGO MARKET Mecca Bingo Ltd have recently agreed a new 10 year extension to their existing Licensed bingo clubs in Great Britain provide low-cost games of chance in a safe, secure and regulated lease which now expires on the 28th September 2031 (12 years unexpired) at environment. Bingo is increasingly a game for all ages with the average age falling to around 45. Research £319,864 per annum, reflecting £9.05 per sq.ft. The lease is subject to a schedule by Winkbingo.com noted that 62% of players were under 45 and 20% were between 18 and 24. of condition. The rent was rebased in return for the extended lease term. There are an estimated 347 bingo venues in the UK and whilst Mecca account for 84 (24%) of the total The rent is subject to 5-yearly RPI linked rent reviews that are collared at 0.5% venues, they outperform taking an estimated 37% of market share. and capped at 2.5% per annum, next due on 29th September 2023 and 29th Around 9 million people visited a Mecca Bingo last year and whilst they have been closing poor performing September 2028. venues leading to shrinking revenues, they have successfully increased spend per visit by 8% in the past The tenant will have the option to renew the lease for a period of 5, 10 or 15 year to £23.04 per visit. years at lease expiry, subject to a rent review to open market rent. The renewal Whilst closing poor performing venues, Mecca has also been in the process of re-gearing their strongest is personal to Mecca and subject to nine months prior written notice and the traders. This unit is a good trader as demonstrated by the recently agreed reversionary lease. purchaser is obliged to acknowledge the option to renew. Further information available upon request. £24.00 £23.00 TENANT PROFILE £22.00 Mecca Bingo Ltd is the largest national Bingo game operator in the UK with a Mecca Venue £21.00 firm presence in all major towns and cities. It was established in 1961 with its Spend Per Visit £20.00 headquarters based in Maidenhead and currently employs nearly 3,000 people across 85 Bingo Halls. Each Bingo hall hosts traditional and electronic versions of £19.00 bingo, including slot-style games. Mecca Bingo Ltd are licensed and regulated by £18.00 the UK Gambling Commission and the Alderney Gambling Control Commission. £17.00 Mecca Bingo Ltd have a D&B rating of 5A1. 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Mecca Bingo Limited Rank Group SC01854120 Rank Group plc's Preliminary results for the Rank Group 2018/19 2017/18 12 months ended 30 June 2019 have recently been reported as shown opposite. Revenue (£m) 746.5 741.1 Mecca Bingo Ltd 30/06/2018 30/06/2017 30/06/2016 Mecca Bingo Ltd is a wholly owned subsidiary Operating profit (£m) 72.5 77.0 of The Rank Group who are a British gambling Turnover £199,432,000 £203,340,000 £209,543,000 and leisure company. Other subsidiaries of Operating margin (%) 9.7 10.4 the Rank Group include Grosvenor Casinos Pre-tax Profit £16,078,000 £39,807,000 £36,665,000 (54 casinos in the UK and 1 in Belgium) and EBITDA (£m) 117.7 120.0 Enracha (9 Bingo Halls in Spain).
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