Let to Pizza Hut (UK) Limited until 2034 (subject to option)
Rent increased at 2019 open market rent review
Forms part of Hough Retail Park just off the A34
Nearby occupiers include Starbucks, KFC, B&Q, Home Bargains and Travelodge
Lot 6
Auction 26th March 2020
Rent £74,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Restaurant
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On behalf of a Major Investment Manager
Property Information
Location
Miles
0.8 miles south-east of Stafford town centre and rail station
26 miles north-west of Birmingham
Roads
A34, M6 (Junction 13)
Rail
Stafford Rail
Air
Birmingham International Airport
Situation
Stafford is a popular town and Staffordshire's principal administrative centre. The Hough Retail Park occupies a prominent position to the south-east of the town centre located off Lichfield Road (A34), which is a primary arterial route into the town from the south-easterly direction. The Hough Retail Park is well established, housing occupiers including Starbucks, B&Q and Home Bargains. The property shares the immediate estate with a KFC and a 62-bed Travelodge.
Tenure
Virtual Freehold. 999 years at a peppercorn rent from the completion of the sale.
Location
Miles
0.8 miles south-east of Stafford town centre and rail station
26 miles north-west of Birmingham
Roads
A34, M6 (Junction 13)
Rail
Stafford Rail
Air
Birmingham International Airport
Situation
Stafford is a popular town and Staffordshire's principal administrative centre. The Hough Retail Park occupies a prominent position to the south-east of the town centre located off Lichfield Road (A34), which is a primary arterial route into the town from the south-easterly direction. The Hough Retail Park is well established, housing occupiers including Starbucks, B&Q and Home Bargains. The property shares the immediate estate with a KFC and a 62-bed Travelodge.
Tenure
Virtual Freehold. 999 years at a peppercorn rent from the completion of the sale.
Description
The property comprises a modern purpose built, single storey restaurant. The property benefits from use of the 74-space shared estate customer car park.
VAT
VAT is applicable to this lot.
EPC
Band C. Available at acuitus.co.uk
Description
The property comprises a modern purpose built, single storey restaurant. The property benefits from use of the 74-space shared estate customer car park.
VAT
VAT is applicable to this lot.
EPC
Band C. Available at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Restaurant
350.43 sq m
(3,772 sq ft)
PIZZA HUT (U.K.) LIMITED (1)
25 years from 12/01/2009 until 11/01/2034 (2)
£74,000
12/01/2024 & 12/01/2029
Total
350.43 sq m
(3,772 sq ft)
£74,000
(1) The areas stated above include a lobby area and an external yard. The rentalised area excluding these is 296.27 sq m (3,189 sq ft) (2) Pizza Hut came to the UK in 1973 and has over 700 restaurants and delivery outlets across the UK (Source: www.pizzahut.co.uk 02/03/2020). Pizza Hut (U.K.) Limited is part of Yum! Brands, Inc (NYSE:YUM) a Fortune 500 corporation with a market cap in excess of $27.5bn (Source: www.bloomberg.com 02/03/2020). (3) The lease provides an option to determine on 12/01/2024, subject to 6 months' notice.
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.
