102 / 103 Northbrook Street
Newbury
Berkshire
RG14 1AA

Freehold Restaurant Investment

  • Let to Cote Restaurants Limited until 2034 (no breaks)
  • Prominent corner position
  • Located within popular market town
  • Nearby occupiers include Starbucks, Costa Coffee, Holland & Barrett and Boots
  • Lot
    14
  • Auction
    04/Apr/2019
  • Rent
    £92,500 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,550,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Trustees
Important Auction & Property Update
  • 102 / 103 Northbrook Street<br>Newbury<br>Berkshire<br>RG14 1AA
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  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
19 miles west of Reading
27 miles south of Oxford
Roads
A4, A39, A339, M4 (Junction 13)
Rail
Newbury Railway Station
Air
Heathrow Airport
Situation

Newbury is a popular market town some 19 miles west of Reading. The property occupies a prominent corner position on Northbrook Street, in the heart of the town centre. Nearby occupiers include Starbucks, Costa Coffee, Holland & Barrett and Boots.

Tenure

Freehold.

Description

The property is an attractive Grade II listed property comprising a ground floor restaurant with first floor ancillary accommodation. The second floor is accessed via a hatch only

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.xReviews
GroundRestaurant/Ancillary277.89 sq m(2,991 sq ft)COTE
RESTAURANTS
LIMITED (1)
20 years
10/10/2014 until
09/10/2034 on a
full insuring and
repairing lease
£92,500 (2)10/10/2019
and five
yearly (2)
FirstAncillary135.84 sq m(1,462 sq ft)
SecondAncillaryNot measured
Total
413.73 sq m
(4,453 sq ft)
  £92,500 (2) 

(1) For the year ending 30 July 2017, Côte Restaurants Limited reported a turnover of £140,717,000, pre-tax profits of £10,011,000 and a total net worth of £57,327,000 (Source: Experian Group 06/03/2019).
(2) The current passing rent is £80,000 p.a.x. The 2019 rent review provides a fixed uplift to a minimum of £92,500 p.a.x. or OMV, whichever greater. The seller has agreed to adjust the completion monies so the unit will effectively produce £92,500 p.a.x.from the completion of sale.

Property Documents

  • Site Plan
    Updated Date
    10.04.19
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    10.04.19
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 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
Seller's Solicitors
Hewitsons LLP Shakespeare House, 42 Newmarket Road,
Cambridge
CB5 8EP
Susanne Hinde 01223 532728susannehinde@hewitsons.com

Useful Links

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