59 High Street Colchester Essex CO1 1DH

  • 59 High Street<br>Colchester<br>Essex<br>CO1 1DH

59 High Street
Colchester
Essex
CO1 1DH

Freehold Retail/Restaurant Investment

  • Tenant trading as Preto Churrascaria (Brazilian Steakhouse)
  • New 20 year lease from March 2016 (subject to option)
  • Fixed rental increases in March 2019 and March 2020
  • Approximately 3,955 sq ft - future potential to convert upper parts (subject to lease and consents)
  • Town centre location close to Culver Square and Priory Walk Shopping Centres with nearby tenants including Slug & Lettuce, McDonald’s, Marks & Spencer and Boots the Chemist
  • VAT-free investment
  • Lot
    37
  • Auction
    28th March 2018
  • Rent
    £70,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £995,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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Freehold Retail/Restaurant Investment

  • Tenant trading as Preto Churrascaria (Brazilian Steakhouse)
  • New 20 year lease from March 2016 (subject to option)
  • Fixed rental increases in March 2019 and March 2020
  • Approximately 3,955 sq ft - future potential to convert upper parts (subject to lease and consents)
  • Town centre location close to Culver Square and Priory Walk Shopping Centres with nearby tenants including Slug & Lettuce, McDonald’s, Marks & Spencer and Boots the Chemist
  • VAT-free investment
  • Lot 37
  • Auction 28th March 2018
  • Rent £70,000 per Annum Exclusive
  • Status Sold
  • Price £995,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
20 miles south-west of Ipswich
24 miles north-east of Chelmsford
Roads
A12, A120, A133, M11, M25
Rail
Chelmsford Railway Station
Air
London Stansted Airport
Situation

The property is located in a prominent corner position fronting High Street, with a significant return frontage down St Nicholas Passage, in the heart of Colchester town
centre. Culver Square and Priory Walk Shopping Centres are located close by, with retailers including Sainsbury’s, WHSmith, Debenhams, Chanel, JD Sports, H&M, Topshop and TK Maxx. Marks & Spencer and branches of Barclays, NatWest, HSBC and Lloyds banks are represented on High Street. Vineyard Street Car Park is a short walk away with parking for over 100 cars.

Tenure

Freehold.

Location
Miles
20 miles south-west of Ipswich
24 miles north-east of Chelmsford
Roads
A12, A120, A133, M11, M25
Rail
Chelmsford Railway Station
Air
London Stansted Airport
Situation

The property is located in a prominent corner position fronting High Street, with a significant return frontage down St Nicholas Passage, in the heart of Colchester town
centre. Culver Square and Priory Walk Shopping Centres are located close by, with retailers including Sainsbury’s, WHSmith, Debenhams, Chanel, JD Sports, H&M, Topshop and TK Maxx. Marks & Spencer and branches of Barclays, NatWest, HSBC and Lloyds banks are represented on High Street. Vineyard Street Car Park is a short walk away with parking for over 100 cars.

Tenure

Freehold.

Description

The property comprises a ground floor restaurant with ancillary accommodation on basement, first, second and third floors.

VAT

VAT is not 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

The property comprises a ground floor restaurant with ancillary accommodation on basement, first, second and third floors.

VAT

VAT is not 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 Reviews
Ground

Basement
First
Second
Third		 Restaurant/
Ancillary
Ancillary
Ancillary
Ancillary
Ancillary
105.44 sq m

98.93 sq m
75.24 sq m
65.95 sq m
21.83 sq m
(1,135 sq ft)

(1,065 sq ft)
(810 sq ft)
(710 sq ft)
(235 sq ft)
 PRETO
COLCHESTER
LIMITED with a
guarantee from
Preto Limited (1)		 20 years from
18/03/2016 until
17/03/2036 (2) on
a full repairing and
insuring lease		 £70,000
rising to
£75,000 p.a in
March 2019
and rising to
£80,000 p.a. in
March 2020		 08/03/2021
and five
yearly
thereafter
Total
367.39 sq m
(3,955 sq ft)
     £70,000  

(1) Preto started in the heart of London Victoria in 2007 and is now considered to be one of the best Brazilian restaurants in the UK.
Preto operate from locations including London's Soho, Bayswater, Pimlico, Putney, Kingston upon Thames and Camden Town, as well as other locations including Leatherhead, Croydon and Enfield (Source: www.preto.co.uk 20/02/2018). A rent deposit of £15,000
is currently held by the Vendor.
(2) The lease is subject to a tenant option to determine on 7th March 2021.

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Downs Law LLP 156 High Street
Dorking
Surrey
RH4 1BQ
Andrew Peach 01306 880 110a.peach@downslaw.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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