McDonalds The Killingworth Centre, Killingworth Newcastle upon Tyne NE12 6YT

McDonalds
The Killingworth Centre, Killingworth
Newcastle upon Tyne
NE12 6YT

Modern Drive-Thru Restaurant Investment

Let to McDonald’s Restaurants Limited until 2026 (no breaks)
Forms part of the Killingworth Shopping Centre
5.5 miles north-east of Newcastle upon Tyne
Nearby occupiers include Morrisons, Thomas Cook, Poundworld and Wilko
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
4
Auction
30th March 2017
Rent
£77,175 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a PLC

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Modern Drive-Thru Restaurant Investment

Let to McDonald’s Restaurants Limited until 2026 (no breaks)
Forms part of the Killingworth Shopping Centre
5.5 miles north-east of Newcastle upon Tyne
Nearby occupiers include Morrisons, Thomas Cook, Poundworld and Wilko
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 4
Auction 30th March 2017
Rent £77,175 per Annum Exclusive
Status Sold Post
Price
Sector
Restaurant
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a PLC

Property Information

Location

Miles: 5.5 miles north east of Newcastle City Centre; 7 miles east of Newcastle International Airport
Roads: A19, A1058, A194
Rail: Palmersville Metro
Air: Newcastle International Airport

Situation

Killingworth is a popular commuter town some 5 miles from Newcastle City Centre. The Killingworth Shopping Centre is the principal retailing pitch, strategically located in the centre of town close to the A1056 and the A189. The centre comprises 28 retail units with 1,200 car parking spaces on site. The scheme is anchored by Morrisons and houses occupiers including Matalan, Thomas Cook, Poundworld and Wilko. The property occupies a prominent corner position at the entrance to the site off E Bailey Road, adjacent to KFC

Tenure

Virtual Freehold. Held for a term of 999 years less three days from 28/01/2015 at a peppercorn rent.

Location

Miles: 5.5 miles north east of Newcastle City Centre; 7 miles east of Newcastle International Airport
Roads: A19, A1058, A194
Rail: Palmersville Metro
Air: Newcastle International Airport

Situation

Tenure

Virtual Freehold. Held for a term of 999 years less three days from 28/01/2015 at a peppercorn rent.

Description

The property comprises a modern purpose built, single storey drive-thru restaurant. The property benefits from shared rights to use the Killingworth Centre car park.

Please note KFC, The Killingworth Centre is being offered as lot 14 in this catalogue.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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	Review
Ground	Restaurant/ Drive Thru	291.90 sq m	(3,142 sq ft)	MCDONALD’S RESTAURANTS LIMITED (1) (2)	25 years from 01/08/2001 until 31/07/2026 on a full repairing and insuring lease	£77,175 (3)	01/08/2021
Total		291.90 sq m	(3,142 sq ft)			£77,175 (3)

(1) For the year ending 31st December 2015, McDonald's Restaurants Limited reported a turnover of £1,535,510,000, pre-tax profits of £270,826,000 and a total net worth of £903,374,000 (Source: Experian Group 21/02/2017). McDonald’s is one of the world’s largest restaurant chains with over 1,250 UK restaurants (Source: www.mcdonalds.co.uk 21/02/2017).
(2) The tenant has sublet the property to W. Liddy and Company Limited, a franchisee of McDonald’s. For the year ending 31 December 2015, W. Liddy and Company Limited reported a turnover of £14,630,184, pre-tax profits of £600,608 and a total net worth of £1,732,427 (Source: Experian Group 28/02/2017) .
(3) For the purpose of clarification, the current rent is £75,600. The 2016 rent review has been agreed at £77,175 p.a. and is currently out for signature.