Two adjoining ground floor restaurant units t/a Two Kitchens and Loughton BBQ
Self contained office accommodation on the upper two floors
Future change of use potential (subject to consents)
Prominent trading location on High Road (A121)
Nearby occupiers include M&S, Majestic Wine, Gails, Nandos, Nationwide
VAT Free Investment
Lot 7
Auction 9th May 2024
Rent £70,500 per Annum
Status Available
Guide* £625,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Of Behalf of a Charity
Property Information
Location
Miles
13 miles north east of Central London
Roads
A121, M11 (Jct 5), M25 (Junction 26)
Rail
Loughton Underground Station (Central Line)
Air
London City Airport, London Heathrow, London Stansted Airport, London Southend
Situation
Loughton is a popular commuter town some 13 miles north east of Central London, benefitting from direct access to Bank Underground Station in 30 minutes (Central Line). The property is prominently located on the southern side of High Road (A121), a busy arterial route with nearby occupiers including M&S, Majestic Wine, Gail's, Nando's, Nationwide together with an eclectic mix of local restaurants and retailers.
Tenure
Freehold.
Location
Miles
13 miles north east of Central London
Roads
A121, M11 (Jct 5), M25 (Junction 26)
Rail
Loughton Underground Station (Central Line)
Air
London City Airport, London Heathrow, London Stansted Airport, London Southend
Situation
Loughton is a popular commuter town some 13 miles north east of Central London, benefitting from direct access to Bank Underground Station in 30 minutes (Central Line). The property is prominently located on the southern side of High Road (A121), a busy arterial route with nearby occupiers including M&S, Majestic Wine, Gail's, Nando's, Nationwide together with an eclectic mix of local restaurants and retailers.
Tenure
Freehold.
Description
The property comprises two adjoining ground floor restaurant units together with self contained office accommodation on the upper two floors accessed via a central entrance. The property may benefit from future change of use of the upper floors subject to the necessary consents.
In conjunction with the ground floor of 169 High Road, Loughton BBQ occupies the adjoining ground floor unit at 171 High Road and some of the dividing wall between 169 and 171 has been removed. For the avoidance of doubt, 171 High Road does not form part of this sale.
VAT
VAT is not 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 comprises two adjoining ground floor restaurant units together with self contained office accommodation on the upper two floors accessed via a central entrance. The property may benefit from future change of use of the upper floors subject to the necessary consents.
In conjunction with the ground floor of 169 High Road, Loughton BBQ occupies the adjoining ground floor unit at 171 High Road and some of the dividing wall between 169 and 171 has been removed. For the avoidance of doubt, 171 High Road does not form part of this sale.
VAT
VAT is not 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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Income p.a.
Rent Review
167 High Road
Ground
Restaurant
227.10
(2,444)
INDIVIDUALS t/a Two Kitchens
15 years from 24/06/2020 (1)
£32,500
24/06/2025 24/06/2030
167 High Road
First Second
Office Office
41.30 45.20
(444) (486)
KENNER LTD
5 years from 19/10/2019 (3)
£10,000
169 High Road
Ground
Restaurant
38.80
(417)
INDIVIDUAL t/a Loughton BBQ
15 years from 21/01/2010
£18,000
169 High Road
Part First
Office
20.60
(221)
CHARLES S FRENCH CHARITABLE TRUST
Licence from completion of the sale until 24/12/2026 (2)
£2,000 (2)
169 High Road
Part First Second
Office
7.30 25.70
(78) (270)
JENSON FISHER CONSULTING LTD
3 years from 21/12/2023 (3)
£8,000
Total
406.00
(4,360) (4)
£70,500
(1) The original lease was for a term of years from 01/06/1994, the lease has recently been renewed for a term of 15 years from 24/06/2020. The lease provides for a mutual option to determine the lease on 23/06/2030, the tenant did not exercise their options to determine the lease in June 2021, June 2022 or June 2023. (2) The License will be granted from completion of the sale and excluded from the security of tenure provisions of the Landlord and Tenant Act 1954. The License fee will be inclusive of services although exclusive of business rates. (3) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954. (4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). The floor areas for the ground floor of 169 High Road have been provided by the Vendor.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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