Prezzo, 9 Saltgate Beccles Suffolk NR34 9AN

Prezzo, 9 Saltgate
Beccles
Suffolk
NR34 9AN

Freehold Index–Linked Restaurant Investment

Entirely let to Prezzo Limited until 2045 (no breaks)
RPI rental increases 5 yearly (minimum 1.5% p.a. and maximum 3.5% p.a. compound)
Nearby occupiers include Tesco Supermarket, Laura Ashley and The Edinburgh Woollen Mill
Attractive and Historic market town

Lot
41
Auction
13th July 2017
Rent
£70,000 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Index–Linked Restaurant Investment

Entirely let to Prezzo Limited until 2045 (no breaks)
RPI rental increases 5 yearly (minimum 1.5% p.a. and maximum 3.5% p.a. compound)
Nearby occupiers include Tesco Supermarket, Laura Ashley and The Edinburgh Woollen Mill
Attractive and Historic market town

Lot 41
Auction 13th July 2017
Rent £70,000 per Annum Exclusive
Status Sold Post
Price
Sector
Restaurant
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 18 miles south east of Norwich,, 35 miles north east of Ipswich
Roads: A146, A12
Rail: Beccles Railway Station
Air: Norwich International Airport

Situation

Beccles is a prosperous market town on the Norfolk/Suffolk borders. The property is prominently located on the western side of Saltgate close to its junction with Northgate and Old Market in the heart of the town centre. Nearby occupiers include Tesco Supermarket, Laura Ashley and The Edinburgh Woollen Mill.

Tenure

Freehold.

Location

Miles: 18 miles south east of Norwich,, 35 miles north east of Ipswich
Roads: A146, A12
Rail: Beccles Railway Station
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property, an attractive former cinema, comprises a ground floor restaurant with ancillary accommodation on the first floor. The property provides 106 covers internally with a further 16 external covers on the front terrace.

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

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
Ground First	Restaurant Ancillary	297.40 sq m 28.00 sq m	(3,200 sq ft) (300 sq ft)	PREZZO LIMITED (1)	30 years from 30/03/2015 until 29/03/2045 on a full repairing and insuring lease	£70,000	30/03/2020 and five yearly (2)
Total		325.40 sq m	(3,500 sq ft)			£70,000

(1) For the year ending 3rd January 2016, Prezzo Limited reported a turnover of £213,812,000, pre tax profits of £21,715,000 and a total net worth of £121,786,000 (Source: Experian Group 19/06/2017)
(2) The rent reviews are five yearly and linked to the Retail Price Index (RPI), with a minimum of 1.5% per annum and a maximum of 3.5% per annum compound.