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Mecca Bingo Foljambe Road, Chesterfield, S40 1Nj

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Mecca Bingo Foljambe Road, Chesterfield, S40 1Nj MECCA BINGO FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ WELL SECURED FREEHOLD LEISURE INVESTMENT OPPORTUNITY £3.645M REFLECTING AN ATTRACTIVE NET INITIAL YIELD OF 10% MECCA BINGO, FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ INVESTMENT SUMMARY • Close to the town centre and adjacent to a Lidl supermarket. • The property was constructed in 1996 and comprises 35,481 sq ft. • Site area of 3.320 acres providing a low site coverage of approximately 25%. • Freehold. • The property is let to Mecca CHATSWORTH RD A619 Bingos Ltd until September 2021. • Current rent of £388,238 per annum (£10.94 psf). • Vendors seeking offers in excess of £3.645m (Three Million Six Hundred and Forty Five WHEATBRIDGE Thousand Pounds) subject to RETAIL PARK contact and exclusive of VAT. • Net initial yield of 10% after MATALAN allowing for adjusted purchaser’s costs of 6.51%. • Potential for alternative uses subject to the relevant planning consents. • Car parking for approximately LIDL 225 vehicles MECCA BINGO, FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ B B 6 60 0 51 5 D N 7 A LOCATION EW O B 1 R O 6 N L CHESTERFIELD A W D O R T E O COLLEGE G S A IN T D Chesterfield is a historic market town in Derbyshire. Situated within the East Midlands M1 M ASHGAT S I E R T R OA R B D E corridor on the A61, 12 miles (19 kilometres) south of Sheffield, 24 miles (39 kilometres north E T ST Y RE ER ET of Derby) and 6 miles (10 kilometres) from junction 29 of the M1 motorway. EW BR CHESTERFIELD SUBJECT PROPERTY RAIL STATION SALTERGATE Chesterfield Station is situated on the Midland Mainline providing a direct service to London D A O R St Pancras with a journey time of approximately 2 hours. East Midlands Airport is located 35 E B M miles to the south and Manchester International Airport 45 miles to the west. A J L CHESTERFIELD O E F PARISH CHURCH T M6 A A65 G Harrogate A59 33 A59 S Chesterfield A682has a population of 148,000 living in a 5 mile radius and a resident population of ’ Skipton A51 OAD VICAR LANE Y York R R H SHOPPING CENTRE A Ilkley RT Fleetwood M Y 190,000 people within a 15 minute drive time. Chesterfield benefits from lying on the edgeA614 of WO S A A61 A64 HAT A619 MCDONALD’S T C S W Otley A65 the Peak District National Park, which attractsLEEDS &in excess of 10 million visitors each year. 3 R Tadcaster 4 E A58 5 A650 BRADFORD H DUNELM 6 Clitheroe Keighley A1079 T A585 14 Bingley A19 B Beverley CHESTERFIELD A O 13 61 9 R M A6 Shipley A 1 Blackpool 12 Nelson A614 A165 RKH 32 A 6 H 3 32 Padiham LEEDS Garforth M AD 1 A59 Selby ROA A Y 4 M55 D HILL M65 8 10 BRADFORD M621 Preston Burnley 1 47 38 HULL 31 7 43 A1 6 Accrington M62 ROMPA Blackburn 27 QUEENS 30 Halifax 26 Castleford 37 Lytham St Anne's Batley 30 M62 PARK RAVENSIDE 29 9 41 RETAIL PARK 31 32 36 Leyland 28 B 33 34 Darwen Rawtenstall BRIGHOUSE 25 DEWSBURY GOOLE O Y 8 24 40 A T WAKEFIELD 6 Southport 23 M18 A15 H 1 M6 O 7 M62 39 Chorley 1 R M66 22 6 A570 A59 HEMSWORTH THORNE Immingham P 38 E 21 HUDDERSFIELD SCUNTHORPE M61 BURY Grimsby R 27 2 5 1 M181 5 Ormskirk 20 O A565 BOLTON 19 38 6 3 M1 M180 2 M180 A 3 Cleethorpes D Formby 5 37 4 4 4 4 QUEENS PARK 3 5 3 M6017 37 TOYS R US M58 Wigan 15 DONCASTER A46 SPORTS CENTRE 1 14 25 36 36 7 Kirkby A16 24 MANCHESTER 3 B&Q 6 23 A159 A 5 M62 STOCKSBRIDGE 35 A15 6 4 1 3 17 22 6 ALMA 3 11 ROTHERHAM A1(M) LIVERPOOL 2 9 1 LEISURE 1 9 34 4 5 M62 M60 34 A631 PARK 2 7 33 32 34 5 GAINSBOROUGH Louth MCDONALD’S 3 20 6 SHEFFIELD Bebington M56 7 31 WORKSOP A41 4 MANCHESTER A6 11 10 RETFORD M53 19 M1 A57 5 12 A156 A46 8 A61 Ellesmere 9 30 A1 A158 A16 A55 Port 10 14 BUXTON Flint A34 16 M6 MACCLESFIELD 12 LINCOLN 18 29 A523 A53 A515 A55 CHESTER A6 17 MANSFIELD SITUATION A494 MATLOCK A15 LEEK 28 NEWARK CREWE ON TRENT The subject property occupies a large site west of 16 A52 A483 A500 CHESTERFIELD27 NANTWICH A38 Chesterfield town centre. The property is situated adjacent STOKE-ON-TRENT A46 A52 ASHBOURNE A1 26 A17 Boston to a Lidl Supermarket with a shared entrance from A5 15 NEWCASTLE UNDER LYME A52 A50 Foljambe Street. Other retail warehouse occupiers within A52 A53 A34 A16 A5 A52 UTTOXETER 25 the vicinity include Wickes, Carpetright and Matalan. A5 DERBY NOTTINGHAM GRANTHAM Oswestry A17 A50 A607 A51 24 14 EAST A15 A151 The principal out of town retail park for Chesterfield is A515 MIDLANDS Spalding King's STAFFORD A38 A17 A5 A17 Lynn situated close by on Ravenside Retail Park, where retailers A1 NEWPORT 13 23 include Next, B&M, Asda Living, Currys and Pets at Home.. A47 A42 M1 M6 A607 A606 A458 A5 22 A10 7 6 12 CANNOCK 11 Stamford A458 5 A16 Wisbech M54 11 2 M6(T) A47 M42 LEICESTER A47 A483 21 Peterborough 10 WOLVERHAMPTON M69 March A43 8 7 A6 9 M6 2 A489 1 M1 1 6 5 8 Market A605 A10 2 Harborough Corby M5 BIRMINGHAM 3 20 3 BIRMINGHAM A141 6 2 A1 M6 Ely 1 Kettering A483 M425 COVENTRY 19 4 4 A508 Huntingdon 2 18 A14 Stourport- 1 3 A43 A45 M45 St Ives A10 on-Severn Bromsgrove M42 16 17 Leamington Wellingborough Rushden A14 5 Redditch Warwick Spa A6 A14 15 14 Northampton A45 A6 14 A44 13 Daventry A428 A483 M5 16 St Neots 13 A46 M40 Cambridge 6 A428 12 A44 A442 Worcester 12 15 Stratford 11 A11 A4112 7 upon Avon Bedford M1 A4103 A46 A429 A509 A1 M11 A10 10 A470 A438 Great A44 Newport Biggleswade Haverhill A438 Malvern Evesham Banbury A36 Pagnell 9 11 A438 Milton 14 A6 Royston Saffron Hereford 8 A422 A505 1 A46 Keynes 13 Walden A44 10 2 9 Letchworth 9 MECCA BINGO, FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ DESCRIPTION The property comprises a purpose built flat floor bingo club of steel frame construction with part brick and part profile metal clad elevations beneath a pitched profile sheet roof. The property was constructed in 1996. The principal entrance to the site is via a shared access road from Foljambe Street. There is a large serviced car park surrounding the main building with car parking provided for approximately 230 vehicles. The main bingo hall is open plan with some raised seating areas, and a total seating area of approximately 1,400 persons. The trading area is served by a bar, food counter, trade kitchen and two sets of WC’s with a separate disabled WC. The remainder of the ground floor comprises administrative offices and stores. A smoking shelter was constructed approximately 5 years ago and is accessed via the main bingo hall. There are a number of mezzanine floors within the building, one housing the plant room the other administrative offices, staff rooms and ancillary storage. TENURE Our client will be disposing of their Freehold interest. ACCOMMODATION The subject property has an area of 3.32 acres (1.34 hectares). Existing site cover is approximately 25% as set out in the schedule below. Description Sq m Sq ft Ground Floor 2,874.99 30,946 1st Floor 421.36 4,535 Total 2,296.35 35,481 Site area of 3.320 acres providing a low site coverage of approximately 25%. MECCA BINGO, FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ COVENANT INFORMATION Mecca Bingo Ltd – is a wholly owned subsidiary of the Rank Group who are a British gambling and leisure company which incorporates the brands Mecca Bingo and Grosvenor Casinos. In the UK the company operates 55 casinos, 98 bingo halls with over half a million customers each year together with online gambling and betting. The Rank Group is listed on the London Stock Exchange and is a constituent of the FTSE 250 index. For the year ending 30th June 2015 Mecca Bingo Ltd reported a turnover of £208.32M and pre-tax profits of £23.80M. For the same period the company reported a net worth of £457.54M. PLANNING TENANCY The property currently has The entire property is let to Mecca Bingo Ltd for a term expiring the D2 use with potential for 28th September 2021 at a current rent of £388,238 per annum alternative uses subject to (£10.94 psf). The lease is held on Full Repairing and Insuring terms, the relevant planning but subject to a Schedule of Condition which can be provided upon consents. request. The tenant has an option to renew at the end of the lease at market rent. MECCA BINGO, FOLJAMBE ROAD, CHESTERFIELD, S40 1NJ EPC PROPOSAL The property has an EPC rating of F with a The Vendors are seeking offers in excess score of 138. of £3.645m (Three Million Six Hundred and Forty Five Thousand Pounds) for the benefit of their freehold interest, VAT subject to contact and exclusive of VAT. VAT will be applicable on the sale of the A purchase at this level will reflect aNet property. Initial Yield of 10% after allowing for adjusted purchasers costs of 6.51% FURTHER INFORMATION Should you wish to view the property or require any further information please contact the agents: Jamie Baruch Stephen Raingold Tydus Real Estate Lewis & Partners DD: 020 3903 7310 DD: 0207 580 4333 Mob: 07889 085 112 Mob: 07775 647 499 [email protected] [email protected] Will Elphinstone Joseph Rantor Tydus Real Estate Lewis & Partners DD: 020 3904 3573 DD: 0207 580 4333 Mob: 07876 131 346 Mob: 07976 599 374 [email protected] [email protected] MISREPRESENTATION ACT 1967.
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