Friday, January 31, 2014

News: Mecca offer for Rotherham bingo hall

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Eyes down, look in. Investors are being given the chance to buy the Mecca Bingo site in Rotherham town centre when it goes up for sale at auction in London next month.

The freehold leisure investment on Corporation Street is being advertised with leading commercial property auctioneers, Acuitus and has been given a guide price of £730,000.

The 26,000 sq ft property comprises a substantial building currently used as a bingo hall providing reception area, gaming hall and ancillary and office accommodation over lower ground, ground, first and mezzanine floors.

The property is entirely let to Mecca Bingo Limited until 2021 at £111,870 per annum exclusive and the tenant has the option to extend the lease.

Originally opened as the Regal Cinema in 1934, with seating for 1,825, and fully equipped for stage performances with three dressing rooms, and a theatre organ, it became the Odeon in 1946. It was taken over by Rank in 1975 and renamed La Scala. It showed its last film in 1983. It opened up for bingo as the Ritz, but was then taken over by Mecca Bingo.

Mecca Bingo Ltd is owned by The Rank Group who published its latest financial result today. For the six months ended December 31, adjusted profit before tax was down 23% to £27.7m from £36.1m in the same period the previous year. Mecca's revenue of £113.7m from its 97 venues in the UK was down by 2% (down 7% on a like-for-like basis). Customer visits fell by 10% which Rank put down to "the general pressure on our customers' discretionary expenditures and the impact of the hot July weather."

The auction takes place at The Millennium Hotel, London on February 13.

Also up for sale at auction next month is the former council offices at 4-6 Moorgate Road across Rotherham town centre. Formerly occupied by the Rotherham Youth Offending Service, the offices were converted from two Victorian residential properties. It has been given a guide price of £195,000+ by local auctioneers, Mark Jenkinson & son, and goes under the hammer on February 25.

Mark Jenkinson & son recently sold the occupied commercial properties at 19 and 19a Wellgate in Rotherham town centre for £115,000. It follows on from a record 2013 where £50m worth of deals were done for commercial property in Rotherham town centre.

Acuitus website
Mark Jenkinson & son website

Images: Acuitus

1 comments:

Tom,  February 17, 2014 at 10:56 AM  

The property sold at auction for £880,000.

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