59 High Street Colchester Essex 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

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.