Comprises Two Restaurant Units and Residential Flats
Restaurant T/A Nathans Famous Let Until 2034 (subject to option)
Prominent Location on Roundabout in Busy Town Centre
Asset Management Opportunity - with One Restaurant Subject to Vacant Possession and potential to extend the residential lease (4)
Popular, Affluent and Attractive Coastal Town
Neighbouring Occupiers including KFC, Domino's, O'Neills and Many More Local Restaurants, Takeaways and Bars
Lot 19
Auction 13th July 2023
Rent £45,125 per Annum Exclusive
Status Sold
Price £495,000
Sector High Street Retail/Residential
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
6 miles east of Poole, 30 miles west of Southampton
Roads
A31, A35, A338, M27
Rail
Bournemouth Railway Station
Air
Bournemouth Airport
Situation
Bournemouth is a highly popular and affluent coastal resort and university town home to over 17,000 students. The property is prominently situated in a strong trading position on the south side of Old Christchurch Road with an imposing position on Landsdown Roundabout and Bath Road. Neighbouring occupiers include KFC, Domino's, O'Neills and many more local restaurants, takeaways and bars.
Tenure
Freehold.
Location
Miles
6 miles east of Poole, 30 miles west of Southampton
Roads
A31, A35, A338, M27
Rail
Bournemouth Railway Station
Air
Bournemouth Airport
Situation
Bournemouth is a highly popular and affluent coastal resort and university town home to over 17,000 students. The property is prominently situated in a strong trading position on the south side of Old Christchurch Road with an imposing position on Landsdown Roundabout and Bath Road. Neighbouring occupiers include KFC, Domino's, O'Neills and many more local restaurants, takeaways and bars.
Tenure
Freehold.
Description
The property comprises a substantial building comprising two restaurant units, the first with a considerable frontage onto Old Christchurch Road and the second on the upper level accessed from Bath Road. The remaining parts of the upper floors are residential flats.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Ground floor and Basement unit = B.
Ground and First = E
Description
The property comprises a substantial building comprising two restaurant units, the first with a considerable frontage onto Old Christchurch Road and the second on the upper level accessed from Bath Road. The remaining parts of the upper floors are residential flats.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Ground floor and Basement unit = B.
Ground and First = E
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground (part) Basement
Restaurant Ancillary
233.20 125.57
(2,510) (1,351)
RBA RESTAURANTS UK LIMITED (crn: 10679378) guaranteed by AMERCIAN FIZZ (UK) LIMITED (crn: 07721007) t/a Nathans Famous (2)
15 years from 23/04/2019 (3)
£45,000
23/04/2024 (22/04/2034)
Upper-Ground (part) Ground (part)
Restaurant Ancillary
241.70 28.40
(2,602) (306)
VACANT POSSESSION
-
-
-
Ground (part), First, Second and Third
Residential
-
-
JACEY HOUSE MANAGEMENT COMPANY LIMITED (crn: 07248716)
125 years from 25/03/1998 (4)
£125
(24/03/2123)
Total Approximate Commercial Floor Area
628.87
(6,769)
£45,125
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/results) (2) RBA Restaurants UK Limited (crn: 10679378) were incorporated on March 2017 and operate from various restaurants in Bournemouth and Southampton (see: www.nathansfamous.co.uk). American Fizz UK Limited (crn: 07721007) is one of the largest importers and distributors of American Food and Groceries in the UK. For the year ending 31st July 2022, American Fizz UK Limited (crn: 07721007) reported a turnover of £14,358,158, a pre-tax profit of £838,683 and a net worth of £3,501,104 (www.northrow.com 12/06/2023). (3) The occupational lease provides for a tenant option to determine the lease on 23/04/2024, subject to 6 months written notice. (4) As to the residential upper parts, the tenant has written to the Seller asking to extend the ir lease. A copy of the letter is available in the Legal Pack.
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.
