To be entirely Let to Scoffs (BK) Ltd t/a Burger King (2)
Agreement for lease to be exchanged in October 2023 for a new 10 year term (subject to planning and electricity works)
Prime position in town centre
Affluent Somerset Town
Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island and Jack Wills
Lot 2
Auction 2nd November 2023
Rent £48,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Fund Manager
Property Information
Location
Miles
26 miles north-east of Exeter, 24 miles south of Weston-Super-Mare
Roads
A38, A3027, M5 (Junction 25)
Rail
Taunton Railway Station
Air
Exeter Airport
Situation
Taunton is a popular county town in Somerset. The property is situated within the town centre, occupying a prime position on Fore Street (A3027) at its junction with Hammet Street and North Street with a frontage onto the Parade monument. Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island, Jack Wills and a range of national and local retailers.
Tenure
Freehold.
Location
Miles
26 miles north-east of Exeter, 24 miles south of Weston-Super-Mare
Roads
A38, A3027, M5 (Junction 25)
Rail
Taunton Railway Station
Air
Exeter Airport
Situation
Taunton is a popular county town in Somerset. The property is situated within the town centre, occupying a prime position on Fore Street (A3027) at its junction with Hammet Street and North Street with a frontage onto the Parade monument. Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island, Jack Wills and a range of national and local retailers.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation with first floor ancillary accommodation plus a rear yard.
There is future potential to extend the first floor which is currently in the tenant's lease for use as residential or commercial subject to planning and other consents.
VAT
VAT is applicable to this lot.
Planning
In accordance with the agreement for lease, the tenant has submitted a planning application on 07/08/2023 to Somerset Council for the change of use of ground and first floor level from retail (Class E(a)) to joint restaurant (Class E(B)) and hot food takeaway (Sui Generis), together with installation of roof level plant (www.somerset.gov.uk). The agreement for lease is also dependent on completion of electricity works (which the seller will carry out itself in line with the agreement).
The Tenant's agent has confirmed to the Seller that the planning officer is intending to grant planning consent for restaurant and hot food takeaway use on part of the unit without any conditions. Existing and proposed floor plans are available to view within the legal pack.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation with first floor ancillary accommodation plus a rear yard.
There is future potential to extend the first floor which is currently in the tenant's lease for use as residential or commercial subject to planning and other consents.
VAT
VAT is applicable to this lot.
Planning
In accordance with the agreement for lease, the tenant has submitted a planning application on 07/08/2023 to Somerset Council for the change of use of ground and first floor level from retail (Class E(a)) to joint restaurant (Class E(B)) and hot food takeaway (Sui Generis), together with installation of roof level plant (www.somerset.gov.uk). The agreement for lease is also dependent on completion of electricity works (which the seller will carry out itself in line with the agreement).
The Tenant's agent has confirmed to the Seller that the planning officer is intending to grant planning consent for restaurant and hot food takeaway use on part of the unit without any conditions. Existing and proposed floor plans are available to view within the legal pack.
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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First
Retail Ancillary
197.02 45.65
(2,120) (491)
SCOFFS (BK) LIMITED with a guarantee from Jurassic Coast Coffee Ltd t/a Burger King (1)(2)
Agreement for Lease to be signed in October 2023 for a term of 10 years from completion of the lease (3)
£48,000
5th Anniversary of the term
Total
242.67
(2,611) (4)
£48,000
(1) Scoffs (BK) Ltd is a wholly owned subsidiary of Scoffs Group. Scoffs Group was established in 2012 and is now the largest franchised partner with Costa Coffee in the UK, currently trading from 114 stores (www.scoffs-group.co.uk). (2) An agreement for lease is to be completed imminently with Scoffs (BK) Limited which will trade under the Burger King branding. The lease is subject to the tenant obtaining consent for change of use with a long stop date of 9 months from the signing of the agreement for lease. The lease provides for a 9 month rent free period and a £5,000 capital contribution, the Seller will pay to the Buyer the capital contribution of £5,000 and the rent that would have been due from completion of the lease until the end of the rent free period. (3) The lease provides for a tenant option to determine the lease at the end of the 6th year. (4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
