Property Auctions 11/Dec/2019 | Beckett House, 2 - 10 Bridge Street, Salisbury, Wiltshire, SP1 2LX

Prominent Freehold Restaurants, Shops and Office Investment

First class location in attractive and popular cathedral city
Restaurant let to Wagamama Limited on a lease expiring 2033 (no breaks)
New 10 year lease to Courtier Limited (no breaks)
Tenants include Done Brothers (Cash Betting) Ltd, Optical Express Ltd and The Dentist Salisbury
Self-contained offices of 589 sq m
(6,296 sq ft) with development potential (subject to consents)

Lot 13
Auction 11th December 2019
Rent £224,450 per Annum Exclusive
Status Sold
Price £2,155,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 22 miles north-west of Southampton; 31 miles south-east of Bath; 88 miles west of London; 8 miles south of Stonehenge
Roads: A30, A36, A354
Rail: Salisbury Railway Station; (approx 90 mins to London Waterloo)
Air: Bournemouth International Airport

Situation

Salisbury is a major commercial and tourist cathedral city, 8 miles south of Stonehenge, 22 miles north-west of Southampton, 31 miles south-east of Bath and 88 miles west of London. The city has good communications, being south of the A303 and served by the A30, A36, A338 and A354, and also benefits from rail services to London (approx 90 minutes) and the South West. The property is located in a first class location on Bridge Street, at its junction with St Thomas Square and opposite High Street. The main city centre car park is located within 100 metres to the north, Old George Mall Shopping centre is 100 metres to the south and the Market Place is 50 metres to the east. Nearby occupiers include Caffè Nero (opposite), Barclays Bank (opposite), Côte (opposite), Holland & Barrett, Burger King, Boots, Waterstones, Seasalt, Santander, Toni & Guy and Starbucks.

Tenure

Freehold.

Location

Miles: 22 miles north-west of Southampton; 31 miles south-east of Bath; 88 miles west of London; 8 miles south of Stonehenge
Roads: A30, A36, A354
Rail: Salisbury Railway Station; (approx 90 mins to London Waterloo)
Air: Bournemouth International Airport

Situation

Salisbury is a major commercial and tourist cathedral city, 8 miles south of Stonehenge, 22 miles north-west of Southampton, 31 miles south-east of Bath and 88 miles west of London. The city has good communications, being south of the A303 and served by the A30, A36, A338 and A354, and also benefits from rail services to London (approx 90 minutes) and the South West. The property is located in a first class location on Bridge Street, at its junction with St Thomas Square and opposite High Street. The main city centre car park is located within 100 metres to the north, Old George Mall Shopping centre is 100 metres to the south and the Market Place is 50 metres to the east. Nearby occupiers include Caffè Nero (opposite), Barclays Bank (opposite), Côte (opposite), Holland & Barrett, Burger King, Boots, Waterstones, Seasalt, Santander, Toni & Guy and Starbucks.

Tenure

Freehold.

Description

The property comprises two ground floor restaurants and two ground floor shops together with self-contained part first and second floor office accommodation above. Wagamama trades from the ground floor with staff, storage accommodation at part first floor together with further outside seating. There are two car parking spaces. The office accommodation benefits from a hallway entrance, lift and separate WCs on each floor.

VAT

VAT is applicable to this lot.

Planning

The first and second floors at the property may benefit from conversion to residential use, subject to all necessary consents/permissions. Interested parties are referred to Salisbury City Council. www.salisburycitycouncil.gov.uk

EPC

See legal pack at www.acuitus.co.uk

Description

The property comprises two ground floor restaurants and two ground floor shops together with self-contained part first and second floor office accommodation above. Wagamama trades from the ground floor with staff, storage accommodation at part first floor together with further outside seating. There are two car parking spaces. The office accommodation benefits from a hallway entrance, lift and separate WCs on each floor.

VAT

VAT is applicable to this lot.

Planning

The first and second floors at the property may benefit from conversion to residential use, subject to all necessary consents/permissions. Interested parties are referred to Salisbury City Council. www.salisburycitycouncil.gov.uk

EPC

See legal pack at www.acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reviews/ (Reversion)
8-10 Bridge Street	Ground Part First	Restaurant Ancillary	195 sq m 100 sq m	(2,099 sq ft) (1,076 sq ft)	WAGAMAMA LIMITED (1)	25 years from 18/02/2008 expiring 17/02/2033	£60,000	18/02/2023 and 5 yearly
6 Bridge Street	Ground First	Retail Not accessible	51 sq m	(549 sq ft)	DONE BROTHERS (CASH BETTING) LTD (2)	15 years from 18/01/2013 expiring 17/01/2028 (3)	£25,700	18/01/2018 Review Outstanding (17)
2 Bridge Street	Ground	Restaurant	103 sq m	(1,109 sq ft)	COURTIER LIMITED t/a Carwardine’s (4)	10 years from 04/03/2019 expiring 03/03/2029	£44,000 (4)	04/03/2024 (4)
2A Bridge Street	Ground	Retail	41 sq m	(441 sq ft)	AMALI JULES LIMITED (5)	10 years from 02/04/2019 expiring 01/04/2029 (6)	£20,500 (6)	02/04/2024 (6)
Suite 1	First	Office	77 sq m	(829 sq ft)	THE DENTIST SALISBURY LIMITED (7)	14.5 years from 25/12/2019 (8)	£8,500	25/12/2024 and 5 yearly
Suites 2 and 3	First	Office	146 sq m	(1,572 sq ft)	OPTICAL EXPRESS LIMITED (9)	5 years from 15/03/2018 (10)	£18,000	(14/03/2023) (10)
Suite 4	Second	Office	87 sq m	(937 sq ft)	MAKARA HEALTH COMMUNICATIONS LIMITED (11)	5 years from 01/10/2019 (12)	£10,000 (12)	(02/05/2024) (12)
Suite 5	Second	Office	93 sq m	(1,001 sq ft)	MAKARA HEALTH COMMUNICATIONS LIMITED	5 years from 03/05/2019 (13)	£11,650 (13)	(02/05/2024) (13)
Suite 6	Second	Office	52 sq m	(560 sq ft)	MAKARA HEALTH COMMUNICATIONS LIMITED	Term of years from 04/07/2019 (14)	£7,500 (14)	(02/05/2024) (14)
Suite 7	Second	Office	134 sq m	(1,442 sq ft)	THE DENTIST SALISBURY LIMITED with personal guarantees	15 years from 03/06/2019 (15)	£15,000	03/06/2024 and 5 yearly
Seating Licence					WAGAMAMA LIMITED	5 years from 18/02/2018 (16)	£3,600	(17/02/2023)
Two Car Park Spaces					VACANT
Total			1,079 sq m	(11,615 sq ft)			£224,450

(1) For the year ending 29th April 2018, Wagamama Limited reported a turnover of £293,589,000, pre-tax profits of £28,776,000 and a total net worth of £155,179,000 (Source: Experian Group 13/11/2019). Website: www.wagamama.com
(2) Betfred may be the biggest independent bookmaker on the high street having been founded in 1967 (Source: www.betfred.com).
(3) Option to determine in 18/01/2023.
(4) Current passing rent £42,000 rising to £43,000 in 2nd and 3rd years and to £44,000 in the 4th year. The Seller has agreed to adjust completion monies so the unit will effectively produce £44,000 pa from completion of the sale. "Carwardine's first opened in 1992 and during our time here we've served over 2.5 million customers"(Source : www.carwardines.co.uk).
(5) A boutique jewellery store specialising in silver and gold jewellery with a difference (Source : www.amalijules.co.uk). In occupation since 2014.
(6) Option to determine in 01/04/2021 upon 6 months' notice. Current rent £19,000 rising to £19,500 in year 2 and £20,500 in years 3-5. The Seller has agreed to adjust completion monies so the unit will effectively produce £20,500 pa from completion of the sale.
(7) The Dentist Salisbury has been in occupation since 2004 (Source : www.thedentistsalisbury.co.uk).
(8) The lease is in solicitors hands and due to complete imminently. Option to determine in 24/12/2024 & 24/12/2029 with personal guarantees.
(9) For the year ending 29th December 2018, Optical Express Limited reported a turnover of £88,120,000, pre-tax profits of £1,226,000 and a total negative net worth of £-29,137,000 (Source: Experian Group 13/11/2019). Optical Express opened in 1991 (www.opticalexpress.co.uk).
(10) Option to determine 14/03/2021 and annually upon 6 months' notice.
(11) Makara Health is an independent healthcare communications agency (Source: www.makarahealth.com).
(12) Option to determine 30/09/2022. Current rent £7,500 pa rising to £10,000 on 23/04/2020. The Seller has agreed to adjust completion monies so the unit will effectively produce £10,000 pa from completion of the sale.
(13) Option to determine 02/05/2022. Current rent £5,825 pa rising to £11,650 in year 2. The Seller has agreed to adjust completion monies so the unit will effectively produce £11,650 pa from completion of the sale.
(14) Option to determine 02/05/2022. Current rent £3,750 pa rising to £7,500 in year 2. The Seller has agreed to adjust completion monies so the unit will effectively produce £7,500 pa from completion of the sale.
(15) Option to determine 02/06/2029.
(16) License can be terminated by either party on one month's notice.
(17) Proposed rent of £28,975 per annum served. Negotiations ongoing. Further rent review 18/01/2023.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.