Heritable Betting Office Investment
- Let to Coral Racing Limited until 2026 (1)
- Pedestrianised city centre location close to McDonald’s
- Rent Review 2021
- Current Rent Reserved
£45,000 pa (inclusive of VAT) currently £37,500 pa (exclusive of VAT)
On the Instructions of LaSalle Investment Management
SIX WEEK COMPLETION AVAILABLE
Tenure
Heritable
Location
The city of Dundee has a resident population of approximately 150,000 and is Scotland’s fourth largest city, industrial centre and port. The city is located 18 miles east of Perth on the north side of the Firth of Tay, 56 miles north of Edinburgh.
The property is located on the west side of Reform Street adjacent to The Old Bank Bar, close to its junction with Bank Street. Overgate Shopping Centre is to the south of the property.
Occupiers close by include McDonald’s, Santander, Nationwide, H Samuel, Primark and New Look, amongst others.
Description
The property is arranged on ground floor only to provide a ground floor betting office which forms part of a larger building, the remainder of which does not form part of the property to be sold.
The property provides the following accommodation and dimensions:
Gross Frontage |
4.65 m |
(15' 3") |
Net Frontage |
3.95 m |
(12' 11") |
Shop Depth |
17.65 m |
(57' 10") |
Built Depth |
17.95 m |
(58' 10") |
Ground Floor |
78.00 sq m |
(840 sq ft) |
Tenancy
The entire property is at present sub-let to CORAL RACING LIMITED for a term of years from 26th November 2009 to 31st May 2026 at a current rent of £45,000 per annum (inclusive of VAT). The lease provides for rent reviews in 2011 and every fifth year thereafter and contains full repairing and insuring covenants.
(1) The lease contains a tenant option to break on 26th November 2019 on 6 months’ notice and the sub-tenant having complied with all material terms of the sub-lease.
Tenant Information
No. of Branches: Over 1,600 across the UK.
Website Address: www.coral.co.uk
For the year ended 31st December 2016, Coral Racing Limited reported a turnover of £867.406m, a pre-tax profit of £91.174m, shareholders’ funds of £215.753m and a net worth of £54.538m. (Source: Experian 05.06.2018.)
VAT
VAT is applicable to this lot.
Documents
The legal pack will be available from the website www.allsop.co.uk
Energy Performance Certificate
EPC Rating 124 Band G (Copy available on website).
Seller's Solicitor
Ms D Kerr, CMS Cameron McKenna Nabarro Olswang LLP.
Tel: 0141 304 6070
Email: darina.kerr@cms-cmno.com