12-17 The Esplanade, Redcar TS10 3AE. Securely- Let Leisure Investment For Sale
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1 12-17 The Esplanade, Redcar TS10 3AE Securely- Let Leisure Investment For Sale
2 The Esplanade, Redcar TS10 3AE Investment Summary A prominently located bingo hall and Family Entertainment Centre with ancillary cafe, situated on an attractive and established seafront promenade. Redcar has been attracting amusement arcade and leisure operators since the mid-19th century. The coastal town is a popular tourist destination and benefits from a substantial programme of regeneration. Gross internal area of 2,339 sq m (25,183 sq ft) over ground and first floor. Let to two very strong covenants, both of which are leading companies in the gambling and gaming industry. WAULT of 7.18 years to expiry. Total passing rent of 101,000 per annum, subject to 5 yearly open market rent reviews. Offers invited of 795,000 (Seven Hundred and Ninety Five Thousand Pounds) equating to a net initial yield of 12% after deduction of standard purchasers costs at 5.48%, and a low capital value of per sq ft.
3 12-17 The Esplanade, Redcar TS10 3AE Location 03 Redcar is a coastal town located in North Yorkshire, situated at the mouth of the River Tees. The town has a resident population of 35,692 (Census 2011) increasing to in excess of 134,000 within the wider Redcar and Cleveland borough. The town is located approximately 9 miles east of Middlesbrough and 50 miles south of Newcastle-upon-Tyne. Redcar benefits from good access to the local road network with direct links to the A174 and A66 connecting to the A19 dual carriageway, which gives access to the A1(M) to the south and Tyne & Wear to the north. Redcar has three railway stations served by Northern Rail and provides a fastest journey time of approximately 3 hours 20 minutes to London Kings Cross. Bus provisions in Redcar are provided predominately by Arriva North East connecting the town to Middlesbrough, Guisborough, Eston, Marske-bythe-Sea, New Marske and Saltburn-by-the-Sea. Durham-Tees- Valley airport is located approximately 15 miles south west of Redcar, providing regular flights to national and International destinations.
4 The Esplanade, Redcar TS10 3AE Situation The property is situated facing the sea front on The Esplanade, close to its junction with Dundas Street. This in turn leads to the High Street, Redcar s main pedestrianised retailing pitch approximately 50 metres to the south. Redcar High Street provides a traditional town centre layout with a largely mixed tenant make-up, including a wide range of independent covenants as well as representation from national occupiers such as Sports Direct, WH Smith, Coral Racing, Specsavers, Nat West, Boots and KFC. Redcar s sandy beaches stretch approximately 8 miles from south-east to north-west. The seaside town has been attracting amusement arcade and other leisure operators since the development of the Redcar Pier in 1873, with most arcades now located along the sea front.
5 12-17 The Esplanade, Redcar TS10 3AE Regeneration In Redcar 05 Redcar and Cleveland Council are currently engaged in a substantial programme of capital investment to secure borough-wide regeneration by The Masterplan aims to create over 14,000 new jobs, increase housing provision, introduce modern retail, leisure and transport facilities and make a series of environmental improvements to the town and surrounding areas. The project is hoped to create and support over 800 businesses, and will bring more than 1bn in direct private investment and 265M in direct public investment to Redcar. The most recent development comprises a new 31M leisure and community centre situated 0.5 miles south west of the subject property. The centre provides a large gym, swimming pool and sports hall, and also houses the new Council Chambers and Registry Office, as well as providing office space for local businesses. The council has invested substantially in rejuvenating its famous Promenade, seafront and foreshore alongside the development of critical sea defences. The promenade, onto which the subject property fronts, benefits from new landscaping and new street furniture, including new canopies, an interactive water feature and landmark sculptures. A new parking lot for cars has been developed as well as dedicated space for fishermen s boat parking. As part of the regeneration project, the council is concentrating on improving the town s visitor s facilities, acknowledging that tourism plays a large part in the local economy. Current plans include the development of an adventure course in Saltburn s Valley Gardens. Tourism has further been aided by investments in a high quality outdoor market and event space, complimenting the success of the Regents Walk retail development just a 2 minute walk south from the subject property, which features over 23 shops including Home Bargains, Argos, New Look, Poundland and JD Sports. Other projects in the town have included a 3.5M eco village in South Bank, as well as the development of a large Tesco Extra superstore and adjoining District Centre approximately 5 miles south west of the subject property. Such projects have created over 300 jobs for local residents, improved the shopping facilities and attracted national occupiers with Greggs, Card Factory, Ladbrokes, Subway and Barnardos all taking-up space in the centre.
6 The Esplanade, Redcar TS10 3AE Description The property comprises a two-storey building, constructed in the late 1970 s, of brick construction, surmounted by a sloping, covered elevation to The Esplanade frontage at first floor level and a flat felted roof behind. The ground floor frontage onto the promenade features a full length retail display, beneath a large fascia signboard. To the rear the property features a café facility, with a small switchroom and rear entry to the ground floor amusements accessed via a shared service yard. Internally, the property comprises an open-plan Family Entertainment Centre which is fitted out to include panelled walls, carpet flooring and suspended ceilings incorporating air-conditioning units and recessed spot lighting. The cafe area has laminate flooring, painted plastered walls, suspended ceilings and kitchen facilities. There are male and female WCs and two staff rooms to the rear. The first floor provides bingo hall accommodation with extensive fixed seating, divided to provide an amusement arcade area, male and female WCs, two staff rooms, a bar area and an office. Access is provided by two sets of stairs at the front and a further two at the rear.
7 12-17 The Esplanade, Redcar TS10 3AE Accommodation 07 The property has a gross internal area of 2,339 sq m (25,183 sq ft) as detailed in the table below: Floor Ground First Total: Gross Internal Area Sq m (Sqft) 1,190 (12,806) 1,150 (12,377) 2,339 (25,183) Tenure Freehold Tenancy The property is let on two occupational leases, as detailed below: Ground Floor Luxury Leisure Ltd The Ground Floor amusement arcade and café are let to Luxury Leisure Ltd t/a Playland Amusements on a full repairing and insuring lease for a term of 15 years from 31st July 2005 to 30th July 2020 at a passing rent of 60,000 per annum ( 4.95 per sq ft), subject to 5 yearly open market rent reviews. First Floor Marwyn Gaming Ltd The first floor is let to Marwyn Gaming Ltd t/a Beacon Bingo on a full repairing and insuring lease for a term of 15* years from 31 July 2005 to 30 July 2025, at a passing rent of 41,000 per annum ( 3.90 per sq ft), subject to 5 yearly open market rent reviews. The property has a WAULT of 7.18 years to expiry. Neither lease benefits from break options throughout the term. *Deed of variation 14 Aug 2012 extending lease to a 20 year term certain.
8 The Esplanade, Redcar TS10 3AE Covenant Luxury Leisure Ltd Luxury Leisure is a market leading provider of slots and gaming entertainment in the UK. Boasting 82 high street and seaside gaming centres, the company offers the most technologically advanced slot machines alongside traditional, real based fruit machine favourites. Luxury Leisure is also home to Kwik Tan, the market leading UV tanning brand and 10 branded catering outlets. Creditsafe have awarded the company with a rating of 87 (A) Very low risk, as detailed below: Year End Turnover Pre Tax Profit Sharholders Funds 31/12/ M 1.99M 9.83M 31/10/ M 134k 458k 31/10/ M 1.07M 1.33M Praesepe Holdings Ltd Marwyn Gaming Ltd, now trading under Praesepe Holdings Ltd, was purchased by the German-land based gaming machine manufacturer and operator Gauselmann AG in October The Gauselmann Group is a leading company in the global gaming industry. The company reported a pre-tax profit of over 40.26m in December 2014 and has over 6,000 employees worldwide. Creditsafe have awarded the company with a rating of 75 (A) Very low risk, as detailed below: Year End Turnover Pre Tax Profit Sharholders Funds 31/12/ M 27.45M 34.33M 31/10/ M 348, M 31/10/ M ( 4.18M) 6.51M
9 12-17 The Esplanade, Redcar TS10 3AE General Market Overview 09 The British gambling industry saw a gross turnover in the financial year of some 5.4bn, which was an increase of 2% from the previous year. Bingo holds an 11% share of the industry, whilst arcades hold a 6% share. Over recent years, governments have been keen to encourage and attract gambling operators as they come to realise the major benefits to cities and region s profile, tourism and tax revenues that gambling can bring. In 2014, the Chancellor reduced bingo hall taxes from 20% to 10%. Such action had an immediate positive impact on the industry and has created a basis for renewed investment and innovation. From 2014 to 2015, the number of bingo gaming machines in the UK increased by 9.2%. The arcade industry is also continuing to perform thanks to technological advancements and investments that have encouraged manufacturers to develop arcade games with innovative features. Furthermore, a recent resurgence in interest in classical games has helped to attract and diversify clientele. In general, bingo halls and arcades are experiencing a resurgence as consumers benefit from an increase in disposable income. There are now over 650 bingo halls in operation nationwide and 495 licenced arcades, with each sector employing over 13,000 and 10,000 people respectively.
10 The Esplanade, Redcar TS10 3AE Proposal VAT The property has been elected for VAT and it is envisaged that the transaction will be treated as a ToGC. EPC The ground floor has an EPC rating of G. We are aware that from April 2018, legislative changes will make it unlawful to let a property with an EPC rating of F or below. An EPC assessment of the property indicated that to change the rating from a G, to the minimum required E, the proprietor could change the Tungsten light bulbs, which are prevalent on the ground floor, to compact fluorescent or LED light bulbs, the estimated cost of which would be a maximum of 5,000 including labour. Proposal We have been instructed to seek offers of 795,000 (Seven Hundred and Ninety Five Thousand Pounds) for our client s freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 12% after deduction of standard purchaser s costs of 5.48%.
11 12-17 The Esplanade, Redcar TS10 3AE Contact 11 If you require any further information or would like to arrange an inspection please contact one of the following: Luke Symonds Phone: Lynsey Underwood Phone: gva.co.uk/9802 Bilfinger GVA is the trading name of GVA Grimley limited, conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only.
12 LONDON BIRMINGHAM BRISTOL CARDIFF DUBLIN EDINBURGH GLASGOW LEEDS LIVERPOOL MANCHESTER NEWCASTLE Published by Bilfinger GVA. 65 Gresham Street, London EC2V 7NQ Copyright Bilfinger GVA Bilfinger GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide Limited, an independent partnership of property advisers operating globally. Bilfinger GVA is a Bilfinger Real Estate company. gvaworldwide.com Design by: Grafiklee.co.uk
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