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Lot 17

6 Week Completion

Situation

Located at the junction with Langney Road in the heart of the town centre, close to the entrance to The Beacons Shopping Centre and amongst such multiples as Marks & Spencer, Bill's, The Edinburgh Woollen Mill, Shoezone, Millets, Domino's and many others.
Eastbourne is one of the main south coast resort towns enjoying excellent road links with the A27 and the A22 London Road and being 20 miles east of Brighton and 15 miles west of Hastings.

Property

A substantial end of terrace building (former Post Office) comprising a Ground Floor Restaurant and Basement with separate front access to 2 Self-Contained Flats on the first and second floors.
In addition, the property includes a Rear Yard.

Accommodation

Ground Floor Restaurant (44 Covers)
Gross Frontage 38'5”
Internal Width 34'10”
Restaurant Depth 70'6”
Built Depth 98'5”
Area Approx. 2,358 sq ft¹
Customer & Staff WCs
Basement
Area Approx. 1,991 sq ft¹

Total Area Approx. 4,349 sq ft¹

First Floor Flat
1 Bedroom, Living Room, Kitchen, Bathroom/WC
(Area Approx. 450 sq ft)
Second Floor Flat
1 Bedroom, Living Room, Kitchen, Bathroom/WC
(Area Approx. 450 sq ft)

¹Areas taken from VOA.

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 £75,000 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..

*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.

143–145 Terminus Road, Eastbourne, East Sussex BN21 3NS