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 23rd May 2019
Rent £105,000 per Annum Exclusive
Status Sold Post
Price
Sector Restaurant
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Trustees
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.
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.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
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)
£105,000
10/08/2023 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).
