Property Auctions 09/May/2024 | 167/169 High Road, Loughton, Essex, IG10 4LF

Freehold Restaurant and Office Investment

Two adjoining ground floor restaurant units t/a Two Kitchens and Loughton BBQ
Self contained office accommodation on the upper two floors
Future change of use potential (subject to consents)
Prominent trading location on High Road (A121)
Nearby occupiers include M&S, Majestic Wine, Gails, Nandos, Nationwide
VAT Free Investment

Lot 7
Auction 9th May 2024
Rent £70,500 per Annum
Status Sold
Price £840,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction
Of Behalf of a Charity

Property Information

Location

Miles: 13 miles north east of Central London
Roads: A121, M11 (Jct 5), M25 (Junction 26)
Rail: Loughton Underground Station (Central Line)
Air: London City Airport, London Heathrow, London Stansted Airport, London Southend

Situation

Loughton is a popular commuter town some 13 miles north east of Central London, benefitting from direct access to Bank Underground Station in 30 minutes (Central Line). The property is prominently located on the southern side of High Road (A121), a busy arterial route with nearby occupiers including M&S, Majestic Wine, Gail's, Nando's, Nationwide together with an eclectic mix of local restaurants and retailers.

Tenure

Freehold.

Location

Miles: 13 miles north east of Central London
Roads: A121, M11 (Jct 5), M25 (Junction 26)
Rail: Loughton Underground Station (Central Line)
Air: London City Airport, London Heathrow, London Stansted Airport, London Southend

Situation

Loughton is a popular commuter town some 13 miles north east of Central London, benefitting from direct access to Bank Underground Station in 30 minutes (Central Line). The property is prominently located on the southern side of High Road (A121), a busy arterial route with nearby occupiers including M&S, Majestic Wine, Gail's, Nando's, Nationwide together with an eclectic mix of local restaurants and retailers.

Tenure

Freehold.

Description

The property comprises two adjoining ground floor restaurant units together with self contained office accommodation on the upper two floors accessed via a central entrance. The property may benefit from future change of use of the upper floors subject to the necessary consents.

In conjunction with the ground floor of 169 High Road, Loughton BBQ occupies the adjoining ground floor unit at 171 High Road and some of the dividing wall between 169 and 171 has been removed. For the avoidance of doubt, 171 High Road does not form part of this sale.

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 two adjoining ground floor restaurant units together with self contained office accommodation on the upper two floors accessed via a central entrance. The property may benefit from future change of use of the upper floors subject to the necessary consents.

In conjunction with the ground floor of 169 High Road, Loughton BBQ occupies the adjoining ground floor unit at 171 High Road and some of the dividing wall between 169 and 171 has been removed. For the avoidance of doubt, 171 High Road does not form part of this sale.

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

Address	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Income p.a.	Rent Review
167 High Road	Ground	Restaurant	227.10	(2,444)	INDIVIDUALS t/a Two Kitchens	15 years from 24/06/2020 (1)	£32,500	24/06/2025 24/06/2030
167 High Road	First Second	Office Office	41.30 45.20	(444) (486)	KENNER LTD	5 years from 19/10/2019 (3)	£10,000
169 High Road	Ground	Restaurant	38.80	(417)	INDIVIDUAL t/a Loughton BBQ	15 years from 21/01/2010	£18,000
169 High Road	Part First	Office	20.60	(221)	CHARLES S FRENCH CHARITABLE TRUST	Licence from completion of the sale until 24/12/2026 (2)	£2,000 (2)
169 High Road	Part First Second	Office	7.30 25.70	(78) (270)	JENSON FISHER CONSULTING LTD	3 years from 21/12/2023 (3)	£8,000
Total			406.00	(4,360) (4)			£70,500

(1) The original lease was for a term of years from 01/06/1994, the lease has recently been renewed for a term of 15 years from 24/06/2020. The lease provides for a mutual option to determine the lease on 23/06/2030, the tenant did not exercise their options to determine the lease in June 2021, June 2022 or June 2023.
(2) The License will be granted from completion of the sale and excluded from the security of tenure provisions of the Landlord and Tenant Act 1954. The License fee will be inclusive of services although exclusive of business rates.
(3) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
(4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). The floor areas for the ground floor of 169 High Road have been provided by the Vendor.

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.