Commercial Property in Luton and Dunstable
- Offices, Industrial, Retail & Warehousing -
50 Dunstable Rd, Luton, LU1 1EF
50 Dunstable Rd, Luton, LU1 1EF

Details
50 DUNSTABLE ROAD LUTON LU1 1EF
Prominent Investment Opportunity
24,455 SQ FT ( 2272 M2)
Tenure:FOR SALE
Price/Rent: £2,800,000
About
Prominent Investment Opportunity
50 Dunstable Road, Luton, LU1 1EF

Well Secured 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 Pancras 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 to 18m 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 a 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 storey building constructed in the early 1990’s 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 Sainsburys 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 www.crescenthall.co.uk


To the rear there is a detached two storey public house constructed in the 1960’s 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
Crescent Hall Events Ltd 4,650 sq ft
24 Years from 01/06/2017 - 02/05/2041
Rent Yr 1 £25.000 Yr2 £35,000
Yr3 £40,000 Yr4 £45,000 p.a.x.
Ground Floor premises with a separate entrance fronting Francis Street.
Five yearly rent reviews.
No break clauses.

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

Part Ground Floor & First Crescent Hall Events Ltd 13,557 sq ft
25 Years from 02/05/2016 - 01/05/2041

Tenant Break Option (02/05/2021)
£65,000
£101,675
Tenant break clause on 6 months notice.
Five yearly rent reviews

Public House
Enterprise Inns (EI Group Plc) 5,053 sq ft
99 Years from 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

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

Strictly by prior appointment via:

DUNCAN WELCH & COMPANY
01582 - 725302
e-mail:
jamieduncan@duncan-welch.co.uk



Amenities
Misrepresentation Act: The contents of this web-site, and the descriptions contained therein, do not form part of any legal contract and whilst every effort has been taken to ensure accuracy, we are unable to accept any loss arising from reliance solely on the part of this web-site as it is designed purely as a guide