Orchard Street, Preston, Lancashire, PR1
£146.30 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
2,700 sq ft
251 sq m
- SECTOR
High street retail property for sale
- USE CLASSUse class orders: A1 Shops and Sui Generis
A1, sui_generis_3
Key features
- Income Producing Investment Opportunity
- Let the excellent covenant of Luxury Leisure Limited (Trading as Admiral Casino)
- Over 10 Years Remaining
- £33,000 per annum exclusive
- Price: £395,000
- A purchase at this level would reflect a Net Initial Yield of 8.05%
- Effectively Full Repairing and Insuring Lease
- OUTSTANDING RENT REVIEW
- ' Virtual Freehold '
- VAT-free investment
Description
Located in the city centre on this pedestrianised retail thoroughfare amongst such multiple retailers as Greggs, Halifax, Amplifon, Card Factory and Coral. This property is just a few yards from Friargate which houses the big retailers including McDonald's, Caffe Nero, Wilko and an entrance to the St George Shopping Centre.
The city of Preston lies approximately 30 miles north-west of Manchester.
PROPERTY
A substantial mid terraced building comprising a ground floor retail unit of 1,688 sq ft with ancillary accommodation at basement level of 1,027 sq ft. The upper floors, which are not part of our client's ownership, comprise approx. 2,700 sq.ft of office accommodation.
TENANT
Lease commenced 19th March 2018 for the term of 15 years at £33,000 per annum to Luxury Leisure with two breaks in 2023 and 2028 (the break in 2023 has not been exercised)
COVENANT
Luxury Leisure (subsidiary of parent company Novomatic UK Ltd) is a market leading provider of slots and gaming entertainment in the UK.
Boasting 82 high street and seaside gaming centres, offering the most technologically advanced slot machines and traditional fruit machines. The Turn Over for Year End 31/12/17 was £62.68m and pre-tax profit of £5.34m and Shareholders' Funds of £19.67m
VAT is not applicable to this property.
Energy Performance Certificate
EPC available on request
Viewing & Further Information
Thomas James Sharples
Bluebell Real Estate
E:
T:
Brochures
Orchard Street, Preston, Lancashire, PR1
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Preston Station0.4 miles
- Lostock Hall Station2.6 miles
- Bamber Bridge Station2.8 miles
Notes
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