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Lot 5

Commercial Investment
6 Week Completion

Situation

Located close to the junction with Rosemary Road, in the heart of the town centre, adjacent to Greggs, opposite Superdrug and amongst other multiples such as Barclays, Card Factory, Subway, McDonald's, The Works and a variety of independent traders.
Clacton-on-Sea is a popular coastal town approximately 14 miles south-east of Colchester, with good road access via the A12 and the A133 and rail links via Clacton-on-Sea Station (Greater Anglia).

Property

A mid-terrace building comprising a Ground Floor Restaurant with internal access to Ancillary Accommodation on first and second floors. In addition, the property benefits from use of a rear service road.

Accommodation

Ground Floor Restaurant (34 Covers)
Gross Frontage 23'5"
Internal Width 22'5"
Shop Depth 38'11"
Built Depth 84'4"
Area Approx. 1,710 sq ft incl. 4 WCs
First Floor Storage/Staff
Area Approx. 1,700 sq ft incl. 2 WCs
Second Floor Storage
Area Approx. 510 sq ft

Total Area Approx. 3,920 sq ft

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to T Bello Group Limited (see Tenant Profile) for a term of 20 years from completion at a rent of £40,000 per annum exclusive.

Rent Reviews 2029 and 5 yearly to RPI with a collar and cap at 1% and 3% respectively.

There are no Tenant Breaks.

Tenant Profile

T Bello Group Ltd form part of the Caskade Group which is a rapidly growing organisation established in 1984. They have a Taco Bell franchise with 52 stores, a KFC franchise with 55 stores and a Pizza Hut franchise with 3 stores, all in the UK.
For Y/E 31.12.22, T Bello Group Ltd reported a T/O of £34.81m, a Pre-Tax Loss of £1.085m and a negative Shareholders' Funds of £1.083m. These figures reflect the costs involved in opening 19 new Taco Bell units in 2022.
The ultimate company, MSHA International Ltd (who are not party to the lease), for the Y/E 30.11.21 reported a T/O of £72.255m, Pre-Tax Profits of £4.213m and Equity Shareholders' Funds of £15.51m.

*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.

21 Station Road, Clacton-on-Sea, Essex CO15 1TD