June 2022: Tuesday 14 June 2022 - 9:00am
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    Key features

    • Investment let at £41,480 pa (9.22% on Guide Price)
    • Restaurant let to tenant trading as a Mediterranean restaurant on new 15 year lease expiring March 2037 (no breaks) and is currently fitting out
    • Shop let to tenant trading as Headmasters Gents Hair Stylists on a 5 year lease expiring April 2027 (no breaks) - tenant in occupation for 30 years
    • RPI linked Rent Reviews on Restaurant
    • Short walk to Benfleet Train Station
    • VAT-Free Investment

    Description

    The property comprises a large high-end Mediterranean restaurant arranged on ground and first floor which includes a two bedroom flat. The property also comprises a further shop unit currently let to a barbers. We are informed that the tenant of the restaurant has spent over £100,000 on refurbishments to the property and is due to open imminently.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Approximate floor areas have been provided by the client. The property has not been inspected by Savills. Buyers are to rely on their own enquiries in this regard.


    9-15 High Street - Restaurant/Ancillary - 238.00 sq m (2,565 sq ft)

    17 High Street - Retail/Ancillary - 45.00 sq m (484 sq ft)


    Total - 283 sq m sq m (3,049 sq ft)

    Tenancy

    9-15 High Street - Let to an individual trading as a Mediterranean/Turkish restaurant for 15 years (no breaks) from 23rd March 2022 expiring 22nd March 2037 at a current rent of £35,000 pa. The lease is full repairing and insuring and the rent is reviewed every 5 years linked to RPI (please see lease in legal pack). The vendor holds a rent deposit (see special conditions of sale).


    17 High Street - Let to an individual trading as Headmasters Barber for 5 years (no breaks) from 27th April 2022 at a current rent of £6,480 pa on a full repairing and insuring lease. The tenant has been in occupation for approximately 30 years.

    Rent

    £41,480 pa
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Benfleet is a popular Essex town approximately 7 miles west of Southend-on-Sea and 32 miles east of Central London. The property is located on the south side of High Street, less than 0.2 miles from Benfleet Station. Nearby occupiers include a number of independent shops, cafe's and restaurants.

      Transport

      7 miles west of Southend-on-Sea

      32 miles east of Central London


      Beenfleet Train Station (C2C).

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums