167/169 High Road Loughton Essex IG10 4LF

  • 167/169 High Road<br>Loughton<br>Essex<br>IG10 4LF

167/169 High Road
Loughton
Essex
IG10 4LF

Freehold Restaurant and Office Investment

  • 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
    Sold
  • Price
    £840,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • Of Behalf of a Charity
Important Update
  • Expand
  • Photos
  • Map

Freehold Restaurant and Office Investment

  • 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 Sold
  • Price £840,000
  • 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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    02.05.24
    File Size
    66 MB
    Login to View
  • Brochure
    Updated Date
    20.05.24
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    20.05.24
    File Size
    620 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Jon SkerryJon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Freeths LLP 3rd Floor Aurora Finzels Reach Counterslip
Bristol
BS1 6BX
Charles Smith 0345 2746891charles.smith@freeths.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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