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Lot 4 Withdrawn Prior
Refer

Auction: Thursday 18th July 2024

227 Commercial Road, Portsmouth, Hampshire PO1 4BJ

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Lot 4

Freehold Town Centre Restaurant Investment – Gross Yield 10.8%
6 week completion

Situation

Located near to the junction with Charlotte Street in the town centre, just a few yards from the pedestrianised section of Commercial Road and amongst such multiples as McDonald's, Argos, Savers, Greggs, Poundland, Specsavers, Boots and many others.
Portsmouth lies approx. 70 miles south-west of London via the A3(M) and M27 (Junction 13).
The city is famous for its Naval links and is a major tourist attraction and Port with regular services to the Isle of Wight.

Property

An end of terrace building comprising a Deep Ground Floor L-shaped Restaurant with internal access to Ancillary Storage on first and second floors (see Note 1).
In addition, there is a rear service road for unloading together with a lofty Double Garage.

VAT is NOT applicable to this Lot

FREEHOLD

Note 1: The first and second floors benefit from Planning granted on the 3rd October 2023 for the conversion to 2 × 2 bedroom flats with associated bin and cycle stores - the lessees might implement this consent in the future.

Accommodation

Ground Floor Restaurant (60 Covers)
Gross Frontage        18'2"
Internal Width          15'9"
Rear Width               29'9"
Restaurant Depth    99'11"
Area                          Approx. 3,240 sq ft
incl. 7 WCs
First Floor Ancillary
Area                          Approx. 2,518 sq ft¹
Second Floor Ancillary
Area                          Approx.    301 sq ft¹
                                ________________

Total Area                Approx. 6,059 sq ft

Plus Rear Double Garage 14'3" × 23'3"

¹Not inspected by Barnett Ross. Areas supplied by Vendor.

Tenancy

The entire property is to be 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 £70,000 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.

Enquire about this lot:

Photo of Jonathan Ross

Jonathan Ross
020 8492 9449
jross@barnettross.co.uk

Photo of Steven Grossman

Steven Grossman
020 8492 9449
sgrossman@barnettross.co.uk

*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.