46 King Street, Wigan Lancashire, W1N 1BT - Propex

46 King Street, Wigan
Lancashire, W1N 1BT
Location
Wigan is located some 19 miles north west of Manchester, 22 miles north east of
Liverpool and some 12 miles north of Warrington and benefits from excellent road
communications being 3 miles from the M6 motorway (junction 26) and only 5
miles from the M61 motorway (junction 5).
The town is well served by rail with the main railway station, Wigan North Western,
providing a journey time to Manchester of 40 minutes and to London Euston of 2
hours 25 minutes whilst Wigan Wallgate station provides more local services.
Wigan has a resident population of 81,200 persons and a borough population of
301,000 persons (source: 2001 Census).
The town has benefitted considerably with the opening of the Grand Arcade
shopping centre which provides
in excess of 425,000 sq ft of retail
accommodation anchored by
Debenhams, M&S and
BhS attracting 7.8 million
customers annually.
Situation
The property is situated in the
heart of Wigan, immediately to the
south of the main retail area with
King Street forming one of the
principal leisure areas with a large
concentration of bars and clubs.
The property is prominently located
on the eastern side of King Street at
the junction with College Avenue
and King Street benefits from
being pedestrianised on Friday and
Saturday evenings.
Description
The property comprises a modern
building constructed on ground
and two upper floors with extensive
frontage to King Street which was
purpose built as a bar/nightclub and is
fitted out on the ground floor with bar,
kitchen, dancing and seating areas with
the first floor also being part used as a
bar area together with offices, chiller
room, storage and staff areas whilst the
second floor is used for storage.

46 King Street, Wigan
Lancashire, W1N 1BT
Accommodation
The following gross internal areas are provided:-
Ground floor 682.74 sq m (7,349 sq ft)
First floor 397.70 sq m (4,231 sq ft)
Second floor 592.62 sq m (6,379 sq ft)
TOTAL 1,673.06 sq m (17,959 SQ ft)
Tenure
Freehold.
Tenancy
The property is let to Atmosphere Bars and Clubs Ltd for a term of
25 years from the 25th December 1998 on full repairing and insuring
terms at a current rent of £75,000 pa paid monthly in advance.
Rent reviews are upward only every five years with the next rent
review in December 2013 being to the greater of £85,000 pa or open
market value.
Covenant
Atmosphere Bars and Clubs Ltd was newly incorporated in February
2010 when Sun Capital Partners acquired 31 venues from 3D
Entertainment Group which was part owned by Luminar Leisure Ltd.
Whilst financial accounts are not available for the tenant, we
understand that Sun Capital Partners have some $8 billion of
equity under management.
Price
We are instructed to seek a price of £645,000, subject to contract
and exclusive of VAT, which would provide a net initial yield of 11.00%
rising to a guaranteed minimum yield of 12.46% in 2013 allowing for
normal purchasing costs of 5.8%.
Further information and arrangements to inspect the property can be
made through the sole agents:
Lindley Mortimer LLP, 14 Cork Street, London W1S 3NS
Telephone: 0207 659 1888 Fax: 0207 659 1891
Telephone:
James Lindley: 0207 659 1889
or
Bruce Mortimer: 0207 659 1890
Email:
james@lindleymortimer.com
or
bruce@lindleymortimer.com
James Lindley MRICS
Mob: 07957 518951
Direct: 020 7659 1889
Bruce Mortimer MRICS
Mob: 07770 744324
Direct: 020 7659 1890
Chartered Surveyors
14 Cork Street
London W1S 3NS
Tel: 020 7659 1888
Fax: 020 7659 1891
james@lindleymortimer.co
www.lindleymortimer.com
Chartered Surveyors
14 Cork Street
London W1S 3NS
Tel: 020 7659 1888
Fax: 020 7659 1891
bruce@lindleymortimer.co
www.lindleymortimer.com
Misrepresentation Clause
Lindley Mortimer LLP (and their Joint Agents where applicable) for themselves and for the vendors or lessor of
this property for whom they act, give notice that: i) these particulars are a general outline only, for the guidance of
prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Lindley
Mortimer LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary
permissions for use and occupation and other details contained herein and prospective purchasers or tenants
must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;
iii) rents quoted in these particulars maybe subject to VAT in addition; iv) Lindley Mortimer LLP will not be liable,
in negligence or otherwise, for any loss arising from the use of these particulars; and v) the reference to any plant,
machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless
otherwise stated) as to it’s state or condition or that it is capable of fulfilling its intended function. Prospective
purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements; vi) no employee
of Lindley Mortimer LLP (and its subsidiaries and their Joint Agents where applicable) has any authority to make or
give any representation or warranty or enter into any contract whatever in relation to the property. May 2011