KFC Drive-Thru Unit 4, Penn Road Retail Park, Penn Road Wolverhampton West Midlands WV2 4NJ

KFC Drive-Thru
Unit 4, Penn Road Retail Park, Penn Road
Wolverhampton
West Midlands
WV2 4NJ

Freehold Purpose Built Drive-Thru Investment

Let to Kentucky Fried Chicken (GB) Ltd t/a KFC until 2030 (no breaks)
Prominent corner position fronting the A449 forming part of Penn Retail Park
Nearby occupiers include Waitrose, Shell petrol station and Screwfix
Car parking for approximately 37 cars and an approximate site area of 0.72 acres (0.29 hectares)

Lot
6
Auction
11th July 2018
Rent
£91,200 per Annum Exclusive
Status
Sold
Price
£1,610,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Waitrose

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Freehold Purpose Built Drive-Thru Investment

Let to Kentucky Fried Chicken (GB) Ltd t/a KFC until 2030 (no breaks)
Prominent corner position fronting the A449 forming part of Penn Retail Park
Nearby occupiers include Waitrose, Shell petrol station and Screwfix
Car parking for approximately 37 cars and an approximate site area of 0.72 acres (0.29 hectares)

Lot 6
Auction 11th July 2018
Rent £91,200 per Annum Exclusive
Status Sold
Price £1,610,000
Sector
Restaurant
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Waitrose

Property Information

Location

Miles: 17 miles north west of Birmingham, 33 miles south east of Shrewsbury, 33 miles south of Stoke-on Trent
Roads: A459, M5 (Junction 2)
Rail: Wolverhampton; (1 hour 49 minutes direct to London Euston)
Air: Birmingham International Airport

Situation

The property is located in Wolverhampton, a large city and metropolitan borough in the West Midlands approximately 17 miles (27 km) north west of Birmingham. The property is situated in an extremely prominent position on Penn Road (A449), a busy arterial dual carriageway providing access to the city centre to the north. The property is accessed off Marston Road, which is shared with the adjacent Waitrose and a Shell petrol filling station. The development site to the north has been granted planning permission for a Jaguar Land Rover car dealership (planning ref: 16/01081/ FUL granted 10 February 2017). Other occupiers in the surrounding area include McDonald’s to the north, a 74 bedroom Mercure hotel to the west and Screwfix to the south.

Tenure

Freehold.

Location

Miles: 17 miles north west of Birmingham, 33 miles south east of Shrewsbury, 33 miles south of Stoke-on Trent
Roads: A459, M5 (Junction 2)
Rail: Wolverhampton; (1 hour 49 minutes direct to London Euston)
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises a modern purpose built single storey drive-thru restaurant with parking for approximately 37 cars. The property benefits from an approximate site area of 0.72 acres (0.29 hectares) with a low site coverage of approximately 16.6%.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Reviews
Ground	Restaurant/ Ancillary	360 sq m	(3,865 sq ft)	KENTUCKY FRIED CHICKEN (GREAT BRITAIN) LTD (2) t/a KFC	15 years from 10/02/2015 until 09/02/2030 on a full repairing and insuring lease	£91,200	10/02/2020 10/02/2025
Total		360 sq m (1)	(3,865 sq ft) (1)			£91,200

(1) For rent review purposes, the lease states an assumed GIA of 3,200 sq ft (296 sq m).
(2) For the year ending 4th December 2016, Kentucky Fried Chicken (GB) Ltd reported a turnover of £479,870,000, pre-tax profits of £58,992,000 and a total net worth of £127,739,000. (Source: Experian Group 05/06/2018). Kentucky Fried Chicken (GB) Ltd is part of Yum! Brands, Inc. based in Louisville, Kentucky, and has nearly 44,000 restaurants in more than 135 countries. KFC (GB) has expanded its UK and Ireland restaurant network to its current level of over 850 locations (Source: www.kfc.co.uk 05/06/2018).