Let to Ask Restaurants Ltd (guaranteed by Ask Central Limited) on a 25 year lease until June 2029
City centre location within close proximity to the Guildhall Shopping Centre
Nearby occupiers include Café Rouge, Bella Italia, Lloyds Bank and Phones 4U
Lot 20
Auction 9th July 2014
Rent £166,411 per Annum Exclusive
Status Sold Prior
Price
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
64 miles south-west of Bristol, 35 miles north-east of Plymouth
Roads
A30, A38, M5
Rail
Exeter Central Station
Air
Exeter International
Situation
Located in the heart of Devon, Exeter benefits from excellent road communications with direct links to the M5 (Junctions 29 and 30) which connects with the M4 motorway to the north granting easy access to London. The subject property is situated within the town centre on the eastern side of Gandy Street in close proximity to the Guildhall Shopping Centre and High Street, the city’s prime retail thoroughfare. Nearby occupiers include Café Rouge Bar, Bella Italia, Lloyds Bank and Phones 4U.
Tenure
Long Leasehold. Held from Exeter City Council for a term of 125 years from 23rd June 2003 until 2128 at a peppercorn rent.
Location
Miles
64 miles south-west of Bristol, 35 miles north-east of Plymouth
Roads
A30, A38, M5
Rail
Exeter Central Station
Air
Exeter International
Situation
Located in the heart of Devon, Exeter benefits from excellent road communications with direct links to the M5 (Junctions 29 and 30) which connects with the M4 motorway to the north granting easy access to London. The subject property is situated within the town centre on the eastern side of Gandy Street in close proximity to the Guildhall Shopping Centre and High Street, the city’s prime retail thoroughfare. Nearby occupiers include Café Rouge Bar, Bella Italia, Lloyds Bank and Phones 4U.
Tenure
Long Leasehold. Held from Exeter City Council for a term of 125 years from 23rd June 2003 until 2128 at a peppercorn rent.
Description
The property comprises an end parade period building providing a restaurant on the ground floor with ancillary, staff and storage accommodation at first floor
level. The property also benefits from a large outdoor seating area to the rear.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises an end parade period building providing a restaurant on the ground floor with ancillary, staff and storage accommodation at first floor
level. The property also benefits from a large outdoor seating area to the rear.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
First
Restaurant/ Retail/Kitchen Ancillary/Retail
324.23 sq m
165.06 sq m
(3,490 sq ft)
(1,776 sq ft)
ASK RESTAURANTS LTD (1) guaranteed by Ask Central Ltd (2) (3)
25 years from 24/06/2004 until 23/06/2029 on a full repairing and insuring lease
£166,411
24/06/2019 and 5 yearly thereafter
Totals
489.29 sq m
(5,266 sq ft)
£166,411
(1) For the year ending 30/06/2013, Ask Restaurants Limited reported a turnover of £193,000,000, pre-tax profits of £3,890,000 and a total net worth of £141,000,000. (Source: www.riskdisk.com 12/07/2014) (2) For the year ending 30/06/2013, Ask Central Limited reported a pre-tax profit of £20,570,000 and a net worth of £560,270,000. (3) Part of the property has been sublet to White Stuff.
Contacts
Seller's Solicitors
Wallace LLP 1 Portland Place London W1B 1PN +44 (0)20 7636 3736
