19 - 21 The Parade
Watford
Greater London
WD17 1LQ

Town Centre Leisure Investment

  • Let to Turtle Bay Restaurants Limited on a new 20 year lease (15 years term certain)
  • Prominent position in the heart of Watford town centre
  • Short distance from the recently extended Intu Shopping Centre
  • Nearby occupiers include Superdrug, Nando’s, McDonald’s and B&M Bargains
  • Lot
    40
  • Auction
    05/Dec/2018
  • Rent
    £125,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,400,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 19 - 21 The Parade<br>Watford<br>Greater London<br>WD17 1LQ
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Property Information

Location
Miles
5 miles north of Harrow
6 miles east of Rickmansworth
16 miles north of Central London
Roads
A4008, A41, M1
Rail
Watford High Street and Watford Junction
Air
London Luton
Situation

Watford is a major South East centre and a popular commuter town located some 18 miles north-west of Central London. The property occupies a prominent position on the pedestrianised Parade, with nearby occupiers including Nando’s, McDonald’s, Superdrug and B&M Bargains. The property is a short distance from the recently extended Intu Shopping Centre, which is anchored by John Lewis.

Tenure

Virtual Freehold. Held for a term of 999 years from 7 October 2016 at a peppercorn rent.

Description

The property comprises a ground floor, double fronted restaurant with basement ancillary accommodation. The property forms part of a larger building, the remainder of which does not form part of the sale.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

EPC Rating Band C. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

FloorUse
Floor Areas (Approx)
TenantTermRent p.a.xReviews
Ground
Basement
Restaurant/Ancillary
Ancillary
311.78 sq m
129.13 sq m
(3,356 sq ft)
(1,390 sq ft)
TURTLE BAY
RESTAURANTS
LIMITED (1)
20 years from
05/04/2018 until
04/04/2038 on an
effective full repairing
and insuring lease (2)
£125,00004/04/2023
and five
yearly
Total
440.91 sq m
(4,746 sq ft)
  £125,000 

(1) Turtle Bay is a Caribbean restaurant chain with restaurants in 43 locations, including Oxford, York, Leeds, Newcastle, Guildford, Nottingham, Manchester, Bath and Exeter. For the year ending 25 February 2017, Turtle Bay Restaurants Limited reported a turnover of £63,693,415, pre-tax profits of £8,201,738 and a total net worth of £4,090,268 (Sources: www.turtlebay.co.uk and Experian Group 01/11/2018).
(2) The lease provides a tenant option to determine on the fifteenth anniversary of the lease

Property Documents

  • Solicitors Legal Pack
    Updated Date
    03.12.18
    File Size
    25 MB
    Login to View
  • Site Plan
    Updated Date
    13.11.18
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    13.11.18
    File Size
    2 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
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Associate Auctioneers
Perry Holt & Co 10 Beechen Grove
Watford
Hertfordshire
WD4 9DG
Perry Holt 01923 239 080pwh@perryholt.co.uk
Seller's Solicitors
Cubism Law 1 Plough Place
London
EC4A 1DE
Jonathan Erdman 020 3917 0171 jonathan.erdman@cubismlaw.com

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