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
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.
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
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.
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.
