The property comprises a substantial former Art Deco Cinema constructed in circa 1920/1930s. The property comprises of the original cinema which houses the Bingo Club and three shops occupied as one on the South Street frontage. The property is of brick construction with ornamental brickwork to the front elevation.
To the rear of the property fronting onto Coronation Street there is a car park.
The premises were occupied as a Bingo Club and Amusement Arcade for nearly 25 years having been established in 1990. Please note that the tenants are no longer in occupation but continue to pay rent.
Location
Ilkeston is a busy market town situated close to Junctions 25 and 26 of the M1 Motorway, lying 7 miles west of Nottingham and 10 miles east of Derby. The town has a resident population of 39,000 and benefits from a district population within a 20 minute drive time of 460,000 persons.
South Street is within Ilkeston’s central retailing area and immediately south of the Market Place. Originally the Ilkeston Cooperative Department Store occupied substantial premises opposite.
These properties have now been re let to a number of retailers and other high street occupiers, with the upper floors being converted into residential use In addition, Rutland Mills to the rear of the subject property has been converted into residential use, with further developments being undertaken to the rear of that building.
Accommodation
The accommodation of this property is as follows:
Bingo Club GF - 713.94 sq m (7,685 sq ft)
Bingo Club FF - 372.90 sq m (4,014 sq ft)
Sub Total - 1,086.83 sq m (11,699 sq ft)
Gaming Centre GF - 181.71 sq m (1,956 sq ft)
Total - 1,269.38 sq m (13,644 sq ft)
(These measurements are given for guidance purposes only)
Terms
Tenure - Freehold subject to the existing occupational leases.
EPC - Energy Efficiency Ratings are as follows:
15, 17 & 19 South St: Band D (76 100) 92
Ritz Cinema & Bingo: B and E (101 125) 115
Tenant Covenant - We have made enquiries of the credit worthiness of Praesepe Holdings from Experian.
The relevant information is as follows:
Score: 93/100
Credit Limit: £XXX pcm
Credit Rating: £XXX
Risk: Very low risk
Lease - The property is held on two identical reversionary leases for a term of 15 years from 01/02/2015. The rent for the Ritz Cinema and Bingo Club is £XXX p.a. and for 15, 17 & 19 South Street the rent is £XXX p.a.
The total income is therefore £XXX p.a. Both leases are held on full repairing and insuring terms with the rent subject to review in February 2020 and 2025.
The Ritz Cinema and Bingo Club is let to Marwyn Gaming Ltd and 15, 17 and 19 South Street is let to Praesepe Holdings Ltd. Marwyn Gaming Ltd now t/a Praesepe Holdings Ltd was purchased by the German machine manufacture and operator, Gauselmann AG.
Rental Evidence - The Bingo Club is let at an overall rent of £XXX per ft² and the Gaming Centre is let at £XXX per ft².
Rateable Value - The premises are assessed as the following:
Bingo Hall and Premises
Rateable Value: Value:£XXX
Arcade
Rateable Value: Value:£XXX
The current UBR is XXX. However, all interested parties are advised to make specific enquiries with the local billing authority having regard for the effect of transitional phasing implications.
Price - Offers are invited at: £XXX (Six Hundred and Sixty Thousand Pounds) to show an initial yield of 10% net of purchasing costs.
VAT and Costs - Each side are to be responsible for their own costs. VAT will be payable on the purchase price.
Asset Management Potential - The premises opposite have now been converted into ground floor retail units, together with residential accommodation above. Similar comments apply to Rutland Mills situated at the top end of Coronation Street. To the rear of Rutland Mills a further new build residential scheme is undergoing. This property is suitable for a number of alternative uses, subject to planning consent being granted.
Specification
- Let to well established bingo and amusement arcade company
- Strategic position within the town centre
- Unbroken leases expiring 31/01/2030 with no breaks
- Approximately 10.25 years unexpired
- Rent Reviews in 2020 and 2025
- Offers invited at £XXX to show 10% net of costs