Entirely let to Prezzo Plc on a new 25 year lease expiring 2037 (no breaks)
Minimum fixed rental increase in 2017
Located in an affluent and sought after market town
Attractive period building in the heart of Beverley town centre
Nearby occupiers include HSBC, Monsoon, Pizza Express and Lloyds TSB
Rent rising to a minimum of £70,000 p.a.x. in 2017
Six Week Completion Available
Lot 5
Auction 18th October 2012
Rent £65,000 per Annum Exclusive
Status Sold
Price £980,000
Sector Restaurant
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
10 miles north of Kingston-upon-Hull, 30 miles east of York
Roads
A15, A63, A164, M62 (Junction 38)
Rail
Beverley Mainline Rail Station
Air
Leeds Bradford International Airport
Situation
The property is situated in a prominent position opposite Market Place on the west side of Saturday Market in the heart of Beverley town centre. Saturday Market is considered the most heavily used pedestrian area in the East Riding and in August 2012 a £2.5m scheme to regenerate the market was announced by the East Riding of Yorkshire Council.
Saturday Market hosts a popular weekly market and is home to occupiers including Monsoon, The Edinburgh Woollen Mill, Lloyds TSB Bank, Fat Face and Pizza Express.
Tenure
Freehold.
Location
Miles
10 miles north of Kingston-upon-Hull, 30 miles east of York
Roads
A15, A63, A164, M62 (Junction 38)
Rail
Beverley Mainline Rail Station
Air
Leeds Bradford International Airport
Situation
The property is situated in a prominent position opposite Market Place on the west side of Saturday Market in the heart of Beverley town centre. Saturday Market is considered the most heavily used pedestrian area in the East Riding and in August 2012 a £2.5m scheme to regenerate the market was announced by the East Riding of Yorkshire Council.
Saturday Market hosts a popular weekly market and is home to occupiers including Monsoon, The Edinburgh Woollen Mill, Lloyds TSB Bank, Fat Face and Pizza Express.
Tenure
Freehold.
Description
The property, an attractive period building, comprises a ground and first floor restaurant with ancillary accommodation on the second floor and storage accommodation in the basement.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, an attractive period building, comprises a ground and first floor restaurant with ancillary accommodation on the second floor and storage accommodation in the basement.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Basement Ground First Second
Storage Restaurant Restaurant Ancillary
15.60 sq m 107.34 sq m 69.31 sq m 22.32 sq m
(168 sq ft) (1,155 sq ft) (746 sq ft) (240 sq ft)
PREZZO PLC (1)
25 years from completion until November 2037 on a full repairing and insuring lease
£65,000
11/2017 and five yearly (2)
Totals
214.56 sq m
(2,309 sq ft)
£65,000
(1) For the year ending 1st January 2012, Prezzo Plc reported a turnover of £123,873,000, pre-tax profits of £16,131,000 and a total net worth of £77,247,000. (Source: www.riskdisk.com 19/09/2012) (2)Under the terms of the lease the rent will be reviewed in year 5 to a minimum of £70,000 p.a.x or open market rental value, whichever is the greater. Rent reviews thereafter will be to open market rental value.
