From
£270,000
Property for saleTerminus Road, Eastbourne BN21
Auction
About this property
High Yielding, Prime, Restaurant Investment
Let to Admiral Casino
Producing £38,000 per annum
Popular Tourist Location with Low Vacancy
Opposite Newly Extended Shopping Centre
Asset Management Potential
Guide Price Reflects 14% Gross Yield
Strapline
Auction Sale - 21/11/2023
Of Interest to Investors
Prime Retail Investment on Popular Pedestrianised Street
Let to Admiral Casino on a Lease Producing £38,000 per annum
Description
The property comprises a prime retail unit situated on a popular pedestrianised street in Eastbourne. Adjacent to the rail station and opposite The Beacon Shopping Centre, the property offers 3,354 sq ft (311.59 sq m) of accommodation across ground, first and second floors.
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino), a well known national business of undoubted covenant strength. The lease was agreed for a term of 10 years from 30/06/2016 and therefore has approximately 2.5 years unexpired. The current passing rent is £38,000 per annum which is below what other units have achieved on the street, we therefore consider the property to offer asset management potential.
Terminus Road is an extremely popular retail location with low vacancy. The street was pedestrianised alongside the extension of the Beacon Shopping Centre in 2018 which comprises over 90 retail and leisure units. The street is the main arterial route between the rail station and Eastbourne seafront and pier.
Location
Tenancy
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino) and a lease expiring 29/06/2026 and paying a rent of £38,000 per annum.
The tenant is one of the principal nationwide high street casino operators with the latest available accounts showing turnover of £59.5m in 2021.
The lease is on full repairing and insuring terms and included a break clause in 2021 which was not exercised.
Auction Sale - 21/11/2023
Of Interest to Investors
Prime Retail Investment on Popular Pedestrianised Street
Let to Admiral Casino on a Lease Producing £38,000 per annum
Description
The property comprises a prime retail unit situated on a popular pedestrianised street in Eastbourne. Adjacent to the rail station and opposite The Beacon Shopping Centre, the property offers 3,354 sq ft (311.59 sq m) of accommodation across ground, first and second floors.
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino), a well known national business of undoubted covenant strength. The lease was agreed for a term of 10 years from 30/06/2016 and therefore has approximately 2.5 years unexpired. The current passing rent is £38,000 per annum which is below what other units have achieved on the street, we therefore consider the property to offer asset management potential.
Terminus Road is an extremely popular retail location with low vacancy. The street was pedestrianised alongside the extension of the Beacon Shopping Centre in 2018 which comprises over 90 retail and leisure units. The street is the main arterial route between the rail station and Eastbourne seafront and pier.
Location
- Beacon Shopping Centre - Immediately Opposite
- Eastbourne Station - 0.1 miles
- Eastbourne Seafront - 0.3 miles
Tenancy
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino) and a lease expiring 29/06/2026 and paying a rent of £38,000 per annum.
The tenant is one of the principal nationwide high street casino operators with the latest available accounts showing turnover of £59.5m in 2021.
The lease is on full repairing and insuring terms and included a break clause in 2021 which was not exercised.
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