LOT 90


Location Estimated District Population: 246,000 Miles: 12 miles east of Central London Roads: A13, A124, A406, M25


Position The property is located in a prominent position on Barking Road close to its junction with High Street North, the area’s principal retailing thoroughfare, in the busy and popular East London suburb of East Ham.


Nearby: Sainsbury’s, Bank of India, BetFred, McDonald’s, Pizza Hut, Lloyds TSB, together with the Council Offices and library.


Description BINGO HALL arranged on the ground, first, second and third floors. The property benefits from a large site of approximately 0.4 hectare (1 acre) and provides on-site car parking for about 60 vehicles.


Present Accommodation (approximate areas) Floor


Accommodation


Ground First Second Third


Bingo Hall/Ancillary Bingo Hall/Ancillary Bingo Hall/Ancillary Bingo Hall/Ancillary


Total Commercial Area


Tenure Freehold.


Tenant GALA LEISURE LIMITED (1) with a guarantee from GALA GROUP FINANCE PLC


Lease Term: 25 years from 2nd March 2007 Basis:


FRI


Rent: £375,450 per annum Reviews: Rising to £384,836 per annum in January 2012 and by a further 2.5% pa each year


Expiry: March 2032


VAT is applicable to this lot – please see Special Conditions of Sale.


Rent £375,450 pa


Substantial and Prominent Freehold Leisure Investment


• Let to Gala Leisure Limited with guarantee from Gala Group Finance plc


• Lease expires March 2032 (No Breaks)


Gross Internal Areas


2,029.86 sq m 585.27 sq m 743.20 sq m 111.48 sq m


3,469.81 sq m


(21,850 sq ft) (6,300 sq ft) (8,000 sq ft) (1,200 sq ft)


(37,350 sq ft)


(1) Trading as Gala, Gala Leisure Ltd for the year to September 2010 reported a turnover of £308 million and total assets of £1.779 billion. The Gala Coral Group is one of Europe’s pre-eminent betting and gaming businesses with well established brands both on the High Street and internet. Gala Bingo is the leading operator in the UK Bingo sector with an approximate market share of about 34%. (Source: One Source One-Stop Report and www.galacoral.co.uk)


NB. The lease incorporates a tenant’s option to renew the lease for a further term of not less than 5 years and no more than 25 years – please see legal documentation.


The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at www.cbre.co.uk/auctions. Seller’s Solicitor Shoosmiths. t: 03700 865000. e: matthew.kenwood@shoosmiths.co.uk Ref:MKenwood Esq.


105


• Imminent rental uplift in January 2012 to £384,836 pa


• Further fixed 2.5% per annum rental increases every year throughout the lease


• Substantial property in popular London suburb


• Completion 22nd December 2011


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