Location Estimated District Population: 250,000 Miles: 1 mile south of 2012 London Olympic Park Development 7 miles north-east of Central London
Roads: A11, A12, A112, A115
Position The property is located in a prominent position on the High Street at its junction with Cam Road and Burford Road in the heart of Stratford town centre, close to Stratford Station (Rail and London Underground), the new London 2012 Olympic Park Development, together with the principal retailing and office district. The area has undergone major commercial and residential development, including the newWestfield Shopping Centre and the new Docklands Light Railway (DLR) extension.
Nearby: 2012 London Olympic Development Stadium and Morrisons,Wilkinsons, Peacocks, Argos, New Look, Boots the Chemist, Sainsbury’s Central Supermarket, Stratford Picture House, numerous bars and restaurants including Pizza Express and Pizza Hut, together with a variety of Council offices and the University of East London.
Present Accommodation (approximate areas) Floor
Accommodation
Ground First
Bingo Hall/Ancillary Bingo Hall/Ancillary
Total Commercial Area
Description MODERN BINGO HALL arranged on the ground and first floors. The property benefits from a large site of approximately 0.64 hectare (1.6 acres) providing car parking for about 140 vehicles.
Tenure Freehold.
Tenant GALA LEISURE LIMITED (1) with a guarantee from GALA GROUP FINANCE PLC
Lease Term: 25 years from 19th September 2005 Basis: FRI Rent: £531,975 per annum Fixed
Expiry: September 2030 VAT is not applicable to this lot.
Rent £531,975 pa
Substantial Modern Freehold Leisure Investment
• Close to London 2012 Olympic Stadium development
Reviews: Rising to £545,274 per annum in September 2012 and by a further 2.5% pa each year
• Let to Gala Leisure Limited with guarantee from Gala Group Finance plc
• Lease expires September 2030 (No breaks)
Gross Internal Areas
2,257.47 sq m 232.25 sq m
2,489.72 sq m
(24,300 sq ft) (2,500 sq ft)
(26,800 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.
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• Rent rises to £545,274 per annum in September 2012
• Further fixed 2.5% per annum rental increases every year throughout the lease