Entirely let to Kefco Sales Limited (t/a KFC) on a 20 year lease until August 2031
Five yearly fixed rental uplifts
Prominent position fronting busy A127
Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell
Rent rising to £84,855.62 in 2016
Six Week Completion Period Available
Lot 10
Auction 14th February 2013
Rent £75,000 per Annum Exclusive
Status Sold
Price £1,265,000
Sector Leisure
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
15 miles east of Basildon, 20 miles south-east of Chelmsford, 37 miles east of London
Roads
A127, A1015
Rail
Leigh-on-Sea (45 minutes to London Fenchurch Street)
Air
Southend Airport
Situation
The property is situated in a prominent location on Stephenson Road, fronting the busy A127 arterial road which connects Greater London to the Essex coast. Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell.
Tenure
Freehold.
Location
Miles
15 miles east of Basildon, 20 miles south-east of Chelmsford, 37 miles east of London
Roads
A127, A1015
Rail
Leigh-on-Sea (45 minutes to London Fenchurch Street)
Air
Southend Airport
Situation
The property is situated in a prominent location on Stephenson Road, fronting the busy A127 arterial road which connects Greater London to the Essex coast. Nearby occupiers include Mercedes Benz, Safestore Self-Storage and Honeywell.
Tenure
Freehold.
Description
The property comprises a modern drive-thru unit comprising approximately 523.32 sq m (5,633 sq ft). The property benefits from onsite car parking for approximately 9 cars and a site area of approximately 0.126 hectares (0.31 acres).
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 comprises a modern drive-thru unit comprising approximately 523.32 sq m (5,633 sq ft). The property benefits from onsite car parking for approximately 9 cars and a site area of approximately 0.126 hectares (0.31 acres).
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
Ground
Restaurant
523.32 sq m
(5,633 sq ft)
KEFCO SALES LIMITED (1) (t/a KFC) (2)
20 years from 16/08/2011 until 15/08/2031 on a full repairing and insuring lease
£75,000
16/08/2016 and five yearly (3)
Totals
523.32 sq m
(5,633 sq ft)
£75,000 rising to £84,855.62 in 2016
(1) For the year ending 4th December 2011, Kefco Sales Limited reported a turnover of £21,299,344, pre-tax profits of £884,578 and a total net worth of £6,620,156. (Source: www.riskdisk.com 21/12/2012) (2)KFC are the biggest chain of quick service restaurants in the world with over 800 restaurants across the UK and Ireland. (Source: www.kfc.co.uk 21/12/2012) (3)The rent is subject to fixed rental uplifts five yearly. The rent will therefore increase as follows: to £84,855.62 p.a.x. in 2016, to £96,006.34 p.a.x. in 2021 and to £108,622.36 p.a.x. in 2026.
Contacts
Associate Auctioneers
Rapleys LLP 51 Great Marlborough Street London W1F 7JT 020 7439 7678
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