Let to Costa Limited and WY & SF Limited until 2030
Prominent location on A425 just 0.4 miles west of Leamington Spa Rail Station
Located in attractive, affluent spa town
Adjacent to a Morrisons supermarket & petrol station
Lot 7
Auction 18th October 2018
Rent £65,000 per Annum Exclusive
Status Sold
Price £1,000,000
Sector Restaurant
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Morrisons
Property Information
Location
Miles
18 miles south-east of Birmingham
Roads
M40, A46, A452, A445, A425
Rail
Leamington Spa Rail
Air
Birmingham International Airport
Situation
Royal Leamington Spa is an attractive and affluent town located in Warwickshire approximately 2 miles east of Warwick, 8 miles south of Coventry and 18 miles south-east of Birmingham. The property occupies a prominent position on Warwick Old Road (A425), one of the main arterial routes into Leamington Spa town centre. A Morrisons supermarket and petrol station is located adjacent to the property, with other nearby occupiers including Dreams, Pets at Home and Bensons for Beds.
Tenure
Long Leasehold. Held for a term of 125 years from completion at a peppercorn rent.
Location
Miles
18 miles south-east of Birmingham
Roads
M40, A46, A452, A445, A425
Rail
Leamington Spa Rail
Air
Birmingham International Airport
Situation
Royal Leamington Spa is an attractive and affluent town located in Warwickshire approximately 2 miles east of Warwick, 8 miles south of Coventry and 18 miles south-east of Birmingham. The property occupies a prominent position on Warwick Old Road (A425), one of the main arterial routes into Leamington Spa town centre. A Morrisons supermarket and petrol station is located adjacent to the property, with other nearby occupiers including Dreams, Pets at Home and Bensons for Beds.
Tenure
Long Leasehold. Held for a term of 125 years from completion at a peppercorn rent.
Description
The property comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property includes 12 car parking spaces.
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 comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property includes 12 car parking spaces.
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
Restaurant/ Ancillary
157.53 sq m
(1,695 sq ft)
COSTA LIMITED and WY & SF LIMITED (1)
15 years from 25/06/2015 until 24/06/2030 (2) on a full repairing and insuring lease
£65,000
25/06/2020 & 25/06/2025
Total
157.53 sq m
(1,695 sq ft)
£65,000
(1) For the year ending 2nd March 2017, Costa Limited reported a turnover of £886,366,000, pre-tax profits of £103,387,000 and a total net worth of £616,894,000 (Source: Experian Date 07/08/2018). (2) The lease contains a tenant option to determine if the Landlord grants rights of occupation of any part of the remaining title of the Landlord (other than the food store) to other named operators within the first eleven years of the term. The 125 year lease to be granted to the buyer on completion will contain an obligation on the seller not to do anything which would enable this option to determine to be exercised.
Contacts
Seller's Solicitors
Eversheds Sutherland Bridgewater Place, Water Lane Leeds LS11 %DR
