- Two storey building with restaurant unit over ground and part first floor let to Turtle Bay Restaurants Ltd for a term of 20 years from May 2019 with a current passing rent of £113,500 per annum excl.
- Planning consent has been granted to change the use of part of the first floor to residential and an additional second storey to form a total of 9 self-contained flats
- Located in Southend town centre approximately 0.2 miles to Southend Victoria and Southend Central railway station
- Offers are invited in excess of £1,400,000 subject to contract and exclusive of VAT
The building is situated in a prominent position on the High Street at the junction with Queens Road in the heart of the popular seaside town of Southend-on-Sea. Southend-on-Sea is home to over 174,000 residents (according to the 2011 Census) and receives millions of visitors each year. It is 40 miles east of London.
Southend Victoria railway station is 0.2 miles north of the property (providing a direct service to London Liverpool Street in approximately 58 minutes) and Southend Central railway station is 0.2 miles south of the property (providing a direct service to London Fenchurch Street in approximately 51 minutes). The main arterial road into the area is the A127 which links to the M25, A13 and A12. London Southend Airport is located 1.5 miles to the north of the town centre, providing regular flights to a number of European destinations. Southend-on-Sea boasts the largest leisure pier in the world.
Local occupiers include McDonald’s, Burger King, WH Smith, Metro Bank, Starbucks, HSBC, Costa Coffee as well as a range of independent retailers and restaurants.
Please note all distances given are approximate only.
The property is a prominent two storey corner building. The restaurant unit occupies the majority of the ground floor and there is small amount of ancillary space on the first floor for the restaurant. The rest of the first floor is currently vacant and was previously used as a gym. Planning permission has been granted to convert this space to residential use, as detailed later on.
Ground Floor Restaurant: 344 square metres / 3,701 square feet
First Floor Restaurant: 33 square metres / 355 square feet
First Floor Vacant**: 371 square metres / 3,992 square feet
*All sizes have been provided by the vendor and all interested parties are advised to rely on their own enquiries.
**This includes a small ancillary ground floor area with cycle storage.
The majority of the ground floor and part of the first floor is let on an FRI lease to Turtle Bay Restaurants Limited for a term of 20 years from May 2019 with a current passing rent of £113,500 per annum. Rent reviews are every 5 years upwards only at Open Market Rent. There are no break clauses within the lease. The tenant currently benefits from a rent free period that ends in May 2021, which the vendor will top up on completion.
Turtle Bay was founded in 2010 by the co-founder of Las Iguanas, and is a Caribbean inspired restaurant chain with more than 40 restaurants in both the UK and Europe.
Please refer to brochure for financial information regarding the company.
Southend-on Sea Borough Council have granted permission for a ‘change of use of first floor (Sui Generis) to residential (Class C3), erect additional second storey to form nine self-contained flats with terraces at second floor level, third floor stairwell to provide access to communal roof terrace, integral cycle parking at ground floor, install bin storage to side and alter elevations’.
Please refer to the brochure for the proposed schedule residential accommodation schedule.
Offers are invited in excess of £1,400,000 subject to contract and exclusive of VAT. This represents an approximate gross yield of 10% for the commercial element, assuming a value of £46.50 per square foot is attributed to the net internal area of the consented first and second floor residential element.
The freehold interest is to be sold subject to the existing tenancy and with the benefit of planning consent (Reference: 18/00485/FUL).
The building is elected for VAT, although we expect the sale can be treated as a transfer of a going concern (TOGC). Interested parties are advised to seek appropriate professional advice on this point.
A data room has been set up and access is available on request.
Viewings are strictly by appointment through sole agents Harston&Co.