Investment Properties: Mecca Bingo, Cross Gates Road, Leeds, LS15 7PE

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Mecca Bingo, Cross Gates Road, Leeds, LS15 7PE

Guide £4,000,000 subject to contract - freehold

  • Located in Leeds, the main commercial and financial centre in Yorkshire
  • Situated on Cross Gates road, in close proximity to Cross Gates shopping Centre
  • Comprising 109,454 sq ft bingo hall
  • Freehold
  • The property is let to Mecca Bingo limited until september 2021 (approximately 6 years unexpired)
  • Current rent of £362,273 pa. (£3.31 per sqft)
  • Rent to increase in line with rPI capped at 3% per annum with the next review in September 2016
  • Seeking offers in excess of £4.565M subject to contract and exclusive of Vat reflecting a low capital value per sq ft of £41.70
  • Net initial yield of 7.5% after allowance for purchasers costs of 5.8%
  • Potential reversionary yield of 8.1% assuming a maximum 3% pa compounded uplift at September 2016 review