9 Stephenson Road (off Progress Road) Southend-On-Sea Essex SS9 5LY

9 Stephenson Road
(off Progress Road)
Southend-On-Sea
Essex
SS9 5LY

Modern Freehold Restaurant Investment

Entirely let to Kefco Sales Limited (t/a KFC) on a 20 year lease until August 2031
Five yearly fixed rental uplifts
Prominent position fronting busy A127
Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell
Rent rising to £84,855.62 in 2016
Six Week Completion Period Available

Lot
10
Auction
14th February 2013
Rent
£75,000 per Annum Exclusive
Status
Sold
Price
£1,265,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Modern Freehold Restaurant Investment

Entirely let to Kefco Sales Limited (t/a KFC) on a 20 year lease until August 2031
Five yearly fixed rental uplifts
Prominent position fronting busy A127
Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell
Rent rising to £84,855.62 in 2016
Six Week Completion Period Available

Lot 10
Auction 14th February 2013
Rent £75,000 per Annum Exclusive
Status Sold
Price £1,265,000
Sector
Leisure
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 15 miles east of Basildon, 20 miles south-east of Chelmsford, 37 miles east of London
Roads: A127, A1015
Rail: Leigh-on-Sea (45 minutes to London Fenchurch Street)
Air: Southend Airport

Situation

The property is situated in a prominent location on Stephenson Road, fronting the busy A127 arterial road which connects Greater London to the Essex coast. Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell.

Tenure

Freehold.

Location

Miles: 15 miles east of Basildon, 20 miles south-east of Chelmsford, 37 miles east of London
Roads: A127, A1015
Rail: Leigh-on-Sea (45 minutes to London Fenchurch Street)
Air: Southend Airport

Situation

Tenure

Freehold.

Description

The property comprises a modern drive-thru unit comprising approximately 523.32 sq m (5,633 sq ft). The property benefits from onsite car parking for approximately 9 cars and a site area of approximately 0.126 hectares (0.31 acres).

VAT

VAT is applicable to this lot.

EPC

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

Description

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	Restaurant	523.32 sq m	(5,633 sq ft)	KEFCO SALES LIMITED (1) (t/a KFC) (2)	20 years from 16/08/2011 until 15/08/2031 on a full repairing and insuring lease	£75,000	16/08/2016 and five yearly (3)
Totals		523.32 sq m	(5,633 sq ft)			£75,000 rising to £84,855.62 in 2016

(1) For the year ending 4th December 2011, Kefco Sales Limited reported a turnover of £21,299,344, pre-tax profits of £884,578 and a total net worth of £6,620,156. (Source: www.riskdisk.com 21/12/2012)
(2)KFC are the biggest chain of quick service restaurants in the world with over 800 restaurants across the UK and Ireland. (Source: www.kfc.co.uk 21/12/2012)
(3)The rent is subject to fixed rental uplifts five yearly. The rent will therefore increase as follows: to £84,855.62 p.a.x. in 2016, to £96,006.34 p.a.x. in 2021 and to £108,622.36 p.a.x. in 2026.