40/44 Station Lane Hornchurch Greater London RM12 6NB

40/44 Station Lane
Hornchurch
Greater London
RM12 6NB

Freehold Restaurant Investment

Entirely let to Prezzo Limited
Lease expires in September 2022
Includes self-contained three bedroom flat (sublet)
Development potential to extend first floor/roof void
Nearby occupiers include Boots the Chemist, Costa, Starbucks and Wildwood, Zizzi and Ask Restaurants
Prominent location in popular and East London suburb

Lot
4
Auction
14th February 2018
Rent
£73,500 per Annum Exclusive
Status
Sold
Price
£1,052,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Restaurant Investment

Entirely let to Prezzo Limited
Lease expires in September 2022
Includes self-contained three bedroom flat (sublet)
Development potential to extend first floor/roof void
Nearby occupiers include Boots the Chemist, Costa, Starbucks and Wildwood, Zizzi and Ask Restaurants
Prominent location in popular and East London suburb

Lot 4
Auction 14th February 2018
Rent £73,500 per Annum Exclusive
Status Sold
Price £1,052,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 3 miles south-east of Romford, 16 miles east of City of London
Roads: A12, A13, A127, M25 (Junction 29)
Rail: Hornchurch Underground Station (District Line)
Air: London City Airport, London Stansted Airport

Situation

Hornchurch is a popular East London suburb situated some 16 miles east of the City of London and 5 miles west of the M25 (Junction 29). The property is located on the western side of Station Lane, which connects to High Street to the north. Nearby occupiers include Boots the Chemist, Costa, Holland & Barrett and Wildwood, Zizzi and Ask Restaurants. Dorrington Gardens Public Car Park is located to the rear of the property and provides car parking for over 180 cars.

Tenure

Freehold.

Location

Miles: 3 miles south-east of Romford, 16 miles east of City of London
Roads: A12, A13, A127, M25 (Junction 29)
Rail: Hornchurch Underground Station (District Line)
Air: London City Airport, London Stansted Airport

Situation

Tenure

Freehold.

Description

The property comprises a triple fronted ground floor restaurant with ancillary accommodation and a separately accessed three bedroom flat on the first floor. The property also benefits from customer seating at the front with capacity for 46 covers and access from the rear.

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 Part First (rear) Part First (sublet) (front)	Restaurant/ Ancillary Ancillary 3 bedroom flat with living room, bathroom and separate kitchen/dining room	286.61 sq m 40.41 sq m 77.40 sq m	(3,085 sq ft) (435 sq ft) (833 sq ft) (2)	PREZZO LIMITED (1) t/a Chimichanga	25 years from 29/09/1997 until 28/09/2022 on a full repairing and insuring lease	£73,500	29/09/2017
Total Area		404.40 sq m	(4,353 sq ft)			£73,500

(1) Prezzo operate over 250 restaurants throughout the UK through the Prezzo, Chimichanga, Café Uno, Cleaver and Mexico brands. For the year ending 1st January 2017, Prezzo Plc reported a turnover of £218,618,000, pre-tax profits of £5,099,000 and a total net worth of £125,610,000 (Sources: www.prezzorestaurants.co.uk and Experian Group 02/01/2017). The tenant sublets the flat on a 1 year Assured Shorthold Tenancy from 12th October 2017 at £13,200 per annum.
(2) Gross Internal Area