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For SalePOA

This is a corporate asset management sale and rare opportunity to acquire three commercial freehold properties with the same blue chip tenant. Leases have recently been extended to 10 years each to support the sale.

Retail - High Street, Retail
Property type: Retail - High Street, Retail
Tenure: Business for sale
Price: POA
Location: 1 Central Buildings, The Broadway, W5 2NT
ALL properties let to CORAL RACING LIMITED. The leases provide for further rent reviews in around five years to either 2.5% per annum compounded or Open Market Rental Value. E.g. with rent for one of the properties at £14,029, the rent will rise to a minimum of £15,872.53 per annum at around 2021. The lease contains full repairing and insuring covenants. Ladbrokes and Coral merged in 2016 to create Ladbrokes Coral Group plc, the largest bookmakers in the UK with some 3,500 stores. Website Address: www.ladbrokes.com and www.coral.co.uk For the year ended 26th September 2015, Coral Racing Limited reported a turnover of £667.786m, a pre-tax profit of £81.106m, shareholders' funds of £409.984m and a net worth of £264.149m. (Source: Experian 18.09.2017.) For the year ended 13th December 2015, Ladbrokes Betting & Gaming Limited reported a turnover of £830.679m, a pre-tax profit of £49.866m, shareholders' funds of £1.949bn and a net worth of £1.191bn. (Source: riskdisk.com 19.09.2017.).
All properties are fully insuring and repairing by the tenant for a period of ten years. Two of the properties have no break clauses. The third has an unlikely break in five years when the rent is reviewed.
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