Paddy Power & Flat, Barking

Property Description

• Freehold Betting and Residential Investment in London.
• The property comprises a ground floor shop and a large self-contained maisonette arranged over first and second floors.

Location Description

• The property is situated in Barking, which is a popular and densely populated East London suburb located some 8 miles from Central London.
• The area benefits from good road communications being situated on the A124, just to the east of the A406 (North Circular Road) and to the north of the A13.
• Barking Rail and Underground Station (District and Hammersmith & City Lines) are 230 metres from the property and provide regular services to Central London.
• The property is situated on the pedestrianised East Street, which forms part of Barking Market three days a week.
• Occupiers close by include Greggs, McDonald’s, Specsavers, Boots, Lloyds Bank, Nationwide, Betfred and Superdrug amongst many others.
• Vicarage Field Shopping Centre is also close by where occupiers include B&M, Argos and Holland & Barrett.

Tenancy & Additional Notes

• Entirely let to Power Leisure Bookmakers t/a Paddy Power for 20 years from 20/10/2002. rent reviews every 5th year FR& I for £45,000 p.a.
• Paddy Power are one of the most popular sports betting brands and they operate across both online and retail in the UK and Ireland.
• For the year ended 31st December 2019 Power Leisure Bookmakers Ltd reported a turnover of £818,780,000, pre-tax profit of £102,577,000, shareholders funds of £217,800,000 and a net worth of £191,351,000 (Source: Experian 19.11.2020). Their ultimate holding company is Flutter Entertainment PLC. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. Website: www.flutter.com.
• The maisonette has been sublet on a AST for 24 months from 22nd July 2020 at a rent of £15,000 p.a.
• The maisonette may have potential to be extended at the rear in a similar way to the adjoining properties. It may also be possible to divide it into two flats, subject to the existing lease and obtaining all the necessary consents.
• 6 week completion available