40/44 Station Lane
Hornchurch
Greater London
RM12 6NB

Freehold Restaurant Investment

  • Entirely let to Prezzo Limited
  • Lease expires in September 2022
  • Includes self-contained three bedroom flat (sublet)
  • Development potential to extend first floor/roof void
  • Nearby occupiers include Boots the Chemist, Costa, Starbucks and Wildwood, Zizzi and Ask Restaurants
  • Prominent location in popular and East London suburb
  • Lot
    4
  • Auction
    14/Feb/2018
  • Rent
    £73,500 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,052,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 40/44 Station Lane<br>Hornchurch<br>Greater London<br>RM12 6NB
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Property Information

Location
Miles
3 miles south-east of Romford, 16 miles east of City of London
Roads
A12, A13, A127, M25 (Junction 29)
Rail
Hornchurch Underground Station (District Line)
Air
London City Airport, London Stansted Airport
Situation

Hornchurch is a popular East London suburb situated some 16 miles east of the City of London and 5 miles west of the M25 (Junction 29). The property is located on the western side of Station Lane, which connects to High Street to the north. Nearby occupiers include Boots the Chemist, Costa, Holland & Barrett and Wildwood, Zizzi and Ask Restaurants. Dorrington Gardens Public Car Park is located to the rear of the property and provides car parking for over 180 cars.

Tenure

Freehold.

Description

The property comprises a triple fronted ground floor restaurant with ancillary accommodation and a separately accessed three bedroom flat on the first floor. The property also benefits from customer seating at the front with capacity for 46 covers and access from the rear.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
Ground

Part First
(rear)
Part First
(sublet)
(front)
Restaurant/
Ancillary
Ancillary

3 bedroom flat
with living room,
bathroom and
separate
kitchen/dining
room
286.61 sq m

40.41 sq m

77.40 sq m
(3,085 sq ft)

(435 sq ft)

(833 sq ft) (2)
PREZZO LIMITED
(1) t/a Chimichanga
25 years from
29/09/1997 until
28/09/2022 on a
full repairing and
insuring lease
£73,50029/09/2017
Total Area
404.40 sq m
(4,353 sq ft)
  £73,500 

(1) Prezzo operate over 250 restaurants throughout the UK through the Prezzo, Chimichanga, Café Uno, Cleaver and Mexico brands. For the year ending 1st January 2017, Prezzo Plc reported a turnover of £218,618,000, pre-tax profits of £5,099,000 and a total net worth of £125,610,000 (Sources: www.prezzorestaurants.co.uk and Experian Group 02/01/2017). The tenant sublets the flat on a 1 year Assured Shorthold Tenancy from 12th October 2017 at £13,200 per annum.
(2) Gross Internal Area

Property Documents

  • Catalogue Page
    Updated Date
    23.01.18
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    23.01.18
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
BTMK Solicitors Madison House, 100 - 102 Alexandra Road
Southend on Sea
Essex
SS1 1HQ
Ian Powell 01702 238 511ian.powell@btmk.co.uk

Useful Links

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