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Lot 5

Freehold Town Centre Retail Investment t/a Admiral Casino - Gross Yield 10.6%
6 Week Completion

Situation

Located between Market Place and Queen Street and diagonally opposite an entrance to the Four Seasons Shopping Centre, in the heart of this pedestrianised town centre amongst multiples such as Superdrug, Halifax, Santander, Timpson, Nationwide, Greggs and many others.
Mansfield is an historic market town which lies some 13 miles north of Nottingham and 11 miles south-east of Chesterfield benefitting from excellent road access via the M1 (Junctions 28 & 29).

Property

An attractive Grade II Listed mid-terrace building comprising a Ground Floor Shop with internal access to Ancillary Accommodation on first, second and third floors (See Note 1).
The property includes a Parking Area at the rear for 3 to 4 cars (See Note 2).

VAT is applicable to this Lot

FREEHOLD

Accommodation¹

Ground Floor Shop
Gross Frontage	35'8" (not including gated entrance)
Internal Width	28'0" (max)
Shop Depth	63'4"
Built Depth
Area	Approx. 2,002 sq ft
WC
First Floor
Area	Approx. 1,015 sq ft
Second Floor
Area	Approx. 1,138 sq ft
Third Floor (not inspected)
Area	Approx. 430 sq ft
Total Area	Approx. 4,585 sq ft

¹Areas taken from VOA.

Tenancy

The property is let on a full repairing and insuring lease (subject to a schedule of condition) to Luxury Leisure t/a Admiral Casino (having over 230 branches) (Parent Company - Novomatic UK Limited - visit: novomaticuk.com) (T/O for Y/E 31/12/2023 £141m, Pre-Tax Profit £14.8m and Shareholders' Funds £56.9m) for a term of 10 years from 30th September 2024 at a current rent of £42,500 per annum exclusive.

Rent Review & Tenant's Break September 2029

Note 1: Three rooms on the second floor are not demised to the Tenant - See Lease.

Note 2: The rear Parking Area is not demised to the Tenant and is therefore Vacant - See red hatched area on Ordnance Survey Map.

Note 3: There may be potential to convert the upper parts to residential use subject to obtaining possession and the necessary consents.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

5–7 Stockwell Gate, Mansfield, Nottinghamshire NG18 1JY