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Lot 11 Click here for addendum

Commercial Investment
Gross Yield 10.4%
6 Week Completion

Situation

Located directly opposite Shenfield Station (Mainline) in this fully occupied retail parade amongst such multiples as Subway, The Co-operative Food, Barnardo's, Tesco Express, Costa, Barclays Bank and a variety of independent retailers, cafes, bars and restaurants.
Shenfield is an affluent commuter suburb of Brentwood some 7 miles north-east of Romford enjoying excellent road access to the M25 (Junction 28) via the A12. Shenfield Station provides regular direct rail services to London Liverpool Street.

Property

Forming part of a mid terrace building comprising a Ground Floor Restaurant. The property benefits from the use of a rear service road for deliveries.

Accommodation

Ground Floor Restaurant (40 Covers)
Gross Frontage 18'3"
Internal Width 16'10"
Shop Depth 32'8"
Built Depth 47'8"
Ladies & Gents WCs

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years (less 10 days) from 19th December 1990 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease (subject to a schedule of condition) to Asear Group Limited t/a Sienna's Restaurant for a term of 25 years from 25th October 2015 at a current rent of £26,000 per annum exclusive.

Rent Reviews October 2020 (Outstanding - Landlord quoted £30,000 pa) and 5 yearly.

Tenant's Breaks 2025 and 5 yearly.

Note 1: The Tenant did not exercise their October 2020 Break Clause.

Note 2: There is a 6 month Rent Deposit held.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

236 Hutton Road, Shenfield, Brentwood, Essex CM15 8PA