Leisure/hospitality for sale in Dunstable Road, Luton LU1

Fixed price £2,800,000 (£114.5/sq. ft)
Leisure/hospitality for sale 24,455 sq. ft*
Interested in this property? Call +44 1582 936729 * or Request Details

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Property description

Prominent Investment Opportunity

50 Dunstable Road, Luton, LU1 1EF

Investment Opportunity with Long Term Development Potential

Prominent Investment Opportunity 50 Dunstable Road, Luton, LU1 1EF

Location

Luton is a major commercial centre located 33 miles north of London, 22 miles south of Milton Keynes and is situated adjacent to junctions 10 & 11 of the M1 Motorway approximately 2 miles to the west of the town centre. The town also benefits from direct rail links to St Pancaras International Station, the City of London & Brighton beyond with both Thameslink and Midland Mainline providing fast and frequent services.

London Luton Airport provides a wide range of domestic and international flights and in 2016 saw passenger numbers increase to 14.6m making it the fifth busiest airport in the UK. The airport is currently undergoing a £110m redevelopment plan which see passenger capacity increase to18m by 2020.

The subject property is located just to the west of Luton town centre on the A505 Dunstable Road close to its busy intersection with Telford Way & Hatters Way which provides easy access to junction 11 of the M1 Motorway.

Situation

The property occupies a prominent location on the north side of Dunstable Road at its junction with Francis Street in the thriving Bury Park area of the town.

It is immediately adjacent to a Sainsbury's supermarket with 322 surface car parking spaces & a recently extended Lidl supermarket. There are a wide range of retailing and restaurant uses along Dunstable Road and the property is short walking distance from Luton railway station & the towns extensive retail & leisure facilities.

Description

The opportunity comprises two detached buildings. The main building comprises a modern two story building constructed in the early 1990s of a steel frame brick elevations under a pitched roof. The property is arranged to provide two self-contained ground floor retail units, one at the southern end having the benefit of a fully glazed return frontage presented to Sainsbury's car park & the northern flank return fronting Francis Street.

The remainder of the ground floor comprises the main entrance & ancillary accommodation to the conference and wedding venue operated under the name of Crescent Hall which is located over the entire first floor. Crescent Hall provides full catering for up to 1,000 guests & further information is available at

To the rear there is a detached two story public house constructed in the 1960s which was previously known as the Nelson Flagship but now trading as Kabanas Bar & Restaurant. The property provides a ground floor area with offices and residential accommodation on the upper floor having the benefit of a separate entrance.

To the rear is a car park accessed from Francis Street which has the benefit of 43 car parking spaces.

Accommodation

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the approximate Gross Internal Areas are contained in the tenancy schedule.

Site

The site extends to 0.75 acres (0.3ha).

Planning

We understand that planning was granted in 1988 for the construction of 3 shops, office and a casino. The property has been used as a conference & wedding venue since 2011.

Tenure

The property is held freehold.

Tenancy Information

The property is fully let & income producing in accordance with the tenancy below schedule.

Part Ground Floor with separate frontage onto Francis Street
Crescent Hall Events Ltd
4,650 sq ft
24 Year lease from 01/06/2017- 02/05/2041
Rent Year 1 £25.000 Year 2 £35,000 Year 4 £45,000

Part Ground Floor
Textile Centre Ltd
1,195 sq ft
10 Year lease from 13/05/2011 - 12/05/2021 £21,000 £21,000 Lease outside the L & T Act.

Part Ground Floor & First
Crescent Hall Events Ltd
13,557 sq ft
25 Years 02/05/2016 - 01/05/2041 Tenant Break clause on 6 months notice (02/05/2021)
£65,000 emv £101,675

Public House Enterprise Inns (EI Group Plc)
5,053 sq ft
99 Years 25/03/1972 - 24/03/2071
Rental £38,500
Enterprise Inns have sub-let
Seven yearly rent reviews

total 24,455 sq ft £159,500 per annum exclusive erv £206,175

Tenant Covenants

Crescent Hall Events Ltd is a private company established in 2013. Its business is that of providing a venue for wedding and corporate events and is a very popular wedding venue in Luton but also caters for parties, conferences and charity functions. Crescent Hall has entertained clients for Indian, Bangladeshi, Pakistani, Polish, English and Chinese weddings and events. In the year to 30th June 2017 it reported net assets of £66,309.

Textile Centre Ltd is a private company established in 1997. Its business is that of a wholesaler and retailer of textiles both through its own chain of five stores located throughout the UK and to other clothing retailers. In the year to 30th June 2017 it reported net assets of £376,794.

Enterprise Inns (now known as Ei Group Plc) is one of the countries largest operators of leased and tenanted pubs in the UK having a portfolio of more than 5,000. In the year to 30th September 2017 it reported a turnover of £648 m with a profit after tax of £54 m.


VAT


The property has been elected for VAT.

Energy Performance Certificates

50 Dunstable Road D (78)
Public House C (60)

Proposal

We are instructed to seek offers in excess of £2.8 million, for the freehold interest in the premises, together with the benefit of the income generated by the various tenancies.


Viewing


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Duncan welch & company

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Duncan Welch & Co, LU1 on +44 1582 936729 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Duncan Welch & Co, and do not constitute property particulars. Please contact Duncan Welch & Co for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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