Freehold Purpose Built Drive-Thru Investment Constructed in 2016
Let to Costa Limited for 15 years from 2016 until 2031 (NO BREAKS)
Rent Reviews based on CPI with minimum uplifts in 2021 to £60,958.58 and in 2026 to £64,068.08 (2)
Excellent access to road communications
Established office and leisure park
Nearby occupiers include David Lloyd Health Club, Holiday Inn Express, Frankie & Benny's, McDonald’s and a number of National HQ office occupiers
Lot 7
Auction 7th December 2017
Rent £58,000 per Annum Exclusive
Status Sold
Price £1,150,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
2 miles south of Lichfield, 6 miles Sutton Coldfield, 8 miles north-east of Tamworth, 13 miles north of Birmingham
Roads
A5, A38, M6 Toll Road
Rail
Lichfield City and Lichfield Trent Valley Railway Stations
Air
Birmingham International Airport
Situation
The property is situated on the well established Lichfield South Business Park, comprising 23 acres, which lies approximately 2 miles south of Lichfield City Centre on the main road to Birmingham. Lichfield South Business Park is well located for the A5 and Junction T5 of the M6 Toll Road. Adjacent occupiers include Holiday Inn Express, David Lloyd Health Club, Frankie and Benny's and McDonald’s, together with National HQ office occupiers, Voyage Care, Dimension Data and Ascom. The property benefits from the adjacent shared 142 car parking spaces.
Please see - www.lichfield-south.co.uk
Tenure
Freehold.
Location
Miles
2 miles south of Lichfield, 6 miles Sutton Coldfield, 8 miles north-east of Tamworth, 13 miles north of Birmingham
Roads
A5, A38, M6 Toll Road
Rail
Lichfield City and Lichfield Trent Valley Railway Stations
Air
Birmingham International Airport
Situation
The property is situated on the well established Lichfield South Business Park, comprising 23 acres, which lies approximately 2 miles south of Lichfield City Centre on the main road to Birmingham. Lichfield South Business Park is well located for the A5 and Junction T5 of the M6 Toll Road. Adjacent occupiers include Holiday Inn Express, David Lloyd Health Club, Frankie and Benny's and McDonald’s, together with National HQ office occupiers, Voyage Care, Dimension Data and Ascom. The property benefits from the adjacent shared 142 car parking spaces.
Please see - www.lichfield-south.co.uk
Tenure
Freehold.
Description
The property, built in 2016, comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property includes 13 car parking spaces.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, built in 2016, comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property includes 13 car parking spaces.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Ground
Drive-Thru
167 sq m
(1,800 sq ft)
COSTA LIMITED (1)
15 years from 30/09/2016 on a full repairing and insuring lease
£58,000
2021 & 2026 (2) (29/09/2031)
Totals
167 sq m
(1,800 sq ft)
£58,000
(1) Costa Limited has 1,500 stores in the UK and is part of Whitbread Plc (Source: www.costa.co.uk). For the year ending 3rd March 2016, Costa Limited reported a turnover of £835,037,000, pre-tax profits of £117,498,000 and a total net worth of £542,180,000 (Source: Experian Group 3/11/2017). (2) The Rent Review provisions are based on the Consumer Price Index growth with a minimum of 1% per annum and a maximum of 3% per annum, this allows for minimum increases in 2021 to £60,958.58 p.a and (subject to the 2021 rent review) a minimum increase in 2026 to £64,068.08 p.a.
