Business

Lease up for sale on 29 Ladbrokes bookies across north

The Ladbrokes head office site in Belfast, where is the lease is up for sale
Gary McDonald Business Editor

THE leasehold on the Ladbrokes chain of bookmakers in Northern Ireland has gone on sale for £7.3 million.

The opportunity to acquire a significant freehold/long leasehold investment portfolio comprises 29 properties Ladbrokes offices across the north.

This is made up of 12 shops in Belfast, four each in Coleraine and Enniskillen, three in Lisburn, two each in Strabane and Newtownabbey, and one each in Larne and Carrickfergus.

All 29 properties are either wholly or partly leased by North West Bookmakers Limited t/a Ladbrokes, and guaranteed by Ladbrokes Betting & Gaming Limited.

The Ladbrokes shops have a gross rental income of £715,208, of which £676,883 is guaranteed by Ladbrokes Betting & Gaming Limited.

Guaranteed rent increases with the Ladbrokes shop leases are subject to five-yearly upwards only rent reviews in February 2023 and 2028.

The agents say a purchase at this level would reflect a net initial yield of 8.90 per cent

Ladbrokes entered the Northern Ireland market in 2008 when it bought the Eastwoods chain of bookmakers in a deal worth £135m.

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