13 - 15 Earl Street
Maidstone
Kent
ME14 1PL

Freehold Restaurant Investment with Unexpired Term Certain of c. 19.25 Years

  • Let to Côte Restaurants Limited until 2038 (over 19 years unexpired with no breaks)
  • Prominent pedestrianised town centre location in Maidstone
  • Opposite Fremlin Walk Shopping Centre
  • Nearby occupiers include Primark,
  • Marks & Spencer, WHSmith and Superdrug
  • Lot
    8
  • Auction
    23/May/2019
  • Rent
    £105,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,700,000
  • Sector
    Restaurant
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On behalf of Trustees

  • 13 - 15 Earl Street<br>Maidstone<br>Kent<br>ME14 1PL
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  • Map

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

Property Information

Location
Miles
17 miles north-east of Tunbridge Wells
37 miles south-east of Central London
Roads
A20, A229, A249, M20 (Junction 6)
Rail
Maidstone East Railway Station
Air
London Gatwick Airport, London City Airport
Situation

Maidstone is the county town and administrative centre of Kent located 35 miles east of London. The property is situated on the southern side of the pedestrianised Earl Street, between its junctions with Week Street and Rose Yard, in the heart of Maidstone town centre. Earl Street is recognised as the prime restaurant location in Maidstone and occupiers close by include Wagamama, Zizzi, Café Rouge and Wildwood. Other nearby retailers include Primark, Marks & Spencer, WH Smith and Superdrug. Fremlin Walk Shopping Centre is located opposite the property with the Fremlin Walk car park (providing 760 spaces) within 100 yards.

Tenure

Freehold.

Description

The property, a Grade II listed building, comprises a ground floor restaurant with basement, first and second floor ancillary accommodation. Côte currently has an outdoor seating licence for 10 seats with an obligation to seek to increase this as far as possible within the council's restrictions and requirements, and to pay an additional £1,000 p.a. per cover to the landlord thereafter (see legal pack for further details). The unit underwent a refurbishment programme prior to C ô te's extensive fit out in September 2018 .

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Ground
Basement
First
Second
Retail
Ancillary
Ancillary
Ancillary
213.17 sq m
47.11 sq m
87.74 sq m
84.19 sq m
(2,295 sq ft)
(507 sq ft)
(944 sq ft)
(906 sq ft)
CÔTE
RESTAURANTS
LIMITED (1)
20 years from
10/08/2018 on a
full repairing and
insuring lease (2)
£105,00010/08/2023
and five
yearly
Total
432.21 sq m
(4,652 sq ft)
  £105,000 

(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 tenant is currently benefiting from a half rent due to expire on 11/11/2020. The seller has agreed to adjust the completion monies so the unit will effectively produce £105,000 p.a.x.
(3) The tenant will pay £1,000 p.a. per cover for any additional outdoor seating (see description paragraph).

Property Documents

  • Solicitors Legal Pack
    Updated Date
    15.05.19
    File Size
    32 MB
    Login to View
  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    5 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
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Seller's Solicitors
Pinsent Masons LLP 1 Park Row
Leeds
LS1 5AB
Andrew Quinlan 0113 294 5280andrew.quinlan@pinsentmasons.com

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