Entirely let to Prezzo plc expiring 2039 (no breaks)
Minimum fixed rental increase in 2019 to £65,000 pax or OMRV
Attractive period Grade II listed building in town centre
Nearby occupiers include Lloyds TSB and Ladbrokes
Six Week Completion
Lot 5
Auction 13th February 2014
Rent £60,000 per Annum Exclusive
Status Sold
Price £1,170,000
Sector Public House
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Prezzo Plc
Property Information
Location
Miles
55 miles east of Exeter, 61 miles south of Bristol, 28 miles west of Bournemouth
Roads
A37, A354
Rail
Dorchester West Rail, Dorchester South Rail
Air
Bournemouth International Airport
Situation
The property is prominently situated in Dorchester town centre on the southern side of High West Street, close to its junction with Cornhill. Nearby occupiers include Lloyds TSB, Nationwide, Ladbrokes, Argos and Londis.
Tenure
Freehold.
Location
Miles
55 miles east of Exeter, 61 miles south of Bristol, 28 miles west of Bournemouth
Roads
A37, A354
Rail
Dorchester West Rail, Dorchester South Rail
Air
Bournemouth International Airport
Situation
The property is prominently situated in Dorchester town centre on the southern side of High West Street, close to its junction with Cornhill. Nearby occupiers include Lloyds TSB, Nationwide, Ladbrokes, Argos and Londis.
Tenure
Freehold.
Description
The property, an attractive period building, comprises ground floor restaurant and kitchen accommodation with basement storage and a maisonette on first and second floors.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, an attractive period building, comprises ground floor restaurant and kitchen accommodation with basement storage and a maisonette on first and second floors.
VAT
VAT is applicable to this lot.
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
Review
Ground Basement First/Second
Restaurant/Kitchen Storage Residential
205.35 sq m 49.80 sq m Not Measured
(2,210 sq ft) (536 sq ft) Not Measured
PREZZO PLC (1)
25 years from completion until March 2039 on a full repairing and insuring lease
£60,000
March 2019 and 5 yearly thereafter
Totals
255.15 sq m
(2,746 sq ft)
£60,000
(1) For the year ending 30th December 2012, Prezzo plc reported a turnover of £144,524,000, pre-tax profits of £17,324,000 and a total net worth of £90,195,000 (Source: www.riskdisk.com 15/01/2014) (2)Under the terms of the lease the rent will be reviewed in year 5 to a minimum of £65,000 p.a.x or open market rental value, whichever is the greater. Rent reviews thereafter will be to open market rental value.
