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 4th April 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
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.
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.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Restaurant/Ancillary
277.89 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)
First
Ancillary
135.84 sq m
(1,462 sq ft)
Second
Ancillary
Not 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.
