prime restaurant investment 257 & 259 high street lincoln ln2 1hw
PRIME RESTAURANT INVESTMENT 839 sq m (9,036 sq ft)
257 & 259 HIGH STREET LINCOLN LN2 1HW
CGI of New Frontage
FOR SALE
25 year unbroken FRI lease Let to Tasty Plc trading as Wildwood Net Worth £19,188,000 (as at 28/12/14) Building being fully converted/refurbished Rent £110,000 per annum Rent Reviews : Year 5 - £125,000 per annum 5 yearly to OMRV thereafter Works to be completed – May 2016 Price : £2,000,000 – Net Initial Yield: 5.2% after costs at 5.8%
Route to Uphill, Lincoln
LOCATED CLOSE TO : LINCOLN
TENANCY
Lincoln is the administrative and major shopping centre within the County of Lincolnshire and is ranked fourth in the East Midlands Experian Centre Rating, behind Nottingham, Derby and Leicester. It has a population of circa 100,000 and a catchment of 300,000. The City has a CACI ranking of 60 with an established comparison spend of £23 million and a total catchment spend of £864 million and attracts 3.7 million tourists a year.
The property has been let to Tasty Plc t/a Wildwood for a term of 25 years from Spring 2016 (date to be set in accordance with completion of the Landlord works) at an initial rent of £110,000 per annum rising to £125,000 per annum upon the fifth anniversary with rent reviews five yearly thereafter. The lease is draft on full repairing and insuring terms
COVENANT LOCATION The property is located in the heart of the upper High Street bar and restaurant circuits. This area of the City has strengthened over recent years with a diverse mix of bars, restaurants, cafés and good quality fashion retailers. The new restaurant will benefit from a constant flow of tourist pedestrian flow which passes the property travelling to and from the Uphill historic area of the City.
Tasty Plc – Company No. 05826464. The company trades from 42 restaurants (as at September 2015). Please refer to www.wildwoodrestaurants.co.uk and choose “investor relations”. A credit report is available upon request. Net Worth - £19,188,000 (as at 28/12/14).
PROPOSAL Cote are fitting out a new restaurant immediately opposite the property and other operators located close by include Pizza Express, Patisserie Valerie, the Slug & Lettuce, Carluccios, Kind, The Cardinal’s Hat and The Strait & Narrow.
PROPERTY The property is undergoing a full scheme of redevelopment including the construction of a totally new 13.8m frontage to High Street.
Offers are invited for the freehold interest subject to the tenancy detailed above in the sum of £2,000,000. The developer’s works are scheduled to be completed by May 2016. The developer is seeking an early exchange with completion of the transaction delayed until the new lease completes. The capital equivalent of the outstanding rent free will be deducted from the price on completion.
YIELD A purchase at the above price would show a net initial yield of 5.2% rising to 5.9% in 2021 allowing for costs at 5.8%.
VAT It is proposed to sell the property by using a TOGC contract – VAT should not therefore be charged in addition to the purchase price.
FURTHER INFORMATION Contact: Mr Tim Bradford Tel: 01522 544515 Email: [email protected]
ACCOMMODATION Ground Floor First Floor Total
: : :
580 sq m 259 sq m 839 sq m
6,248 sq ft 2,788 sq ft 9,036 sq ft
Ref:
TJB/CD/1182/L15
257 & 259 HIGH STREET LINCOLN LN2 1HW
CGI of New Frontage
FOR SALE
25 year unbroken FRI lease Let to Tasty Plc trading as Wildwood Net Worth £19,188,000 (as at 28/12/14) Building being fully converted/refurbished Rent £110,000 per annum Rent Reviews : Year 5 - £125,000 per annum 5 yearly to OMRV thereafter Works to be completed – May 2016 Price : £2,000,000 – Net Initial Yield: 5.2% after costs at 5.8%
Route to Uphill, Lincoln
LOCATED CLOSE TO : LINCOLN
TENANCY
Lincoln is the administrative and major shopping centre within the County of Lincolnshire and is ranked fourth in the East Midlands Experian Centre Rating, behind Nottingham, Derby and Leicester. It has a population of circa 100,000 and a catchment of 300,000. The City has a CACI ranking of 60 with an established comparison spend of £23 million and a total catchment spend of £864 million and attracts 3.7 million tourists a year.
The property has been let to Tasty Plc t/a Wildwood for a term of 25 years from Spring 2016 (date to be set in accordance with completion of the Landlord works) at an initial rent of £110,000 per annum rising to £125,000 per annum upon the fifth anniversary with rent reviews five yearly thereafter. The lease is draft on full repairing and insuring terms
COVENANT LOCATION The property is located in the heart of the upper High Street bar and restaurant circuits. This area of the City has strengthened over recent years with a diverse mix of bars, restaurants, cafés and good quality fashion retailers. The new restaurant will benefit from a constant flow of tourist pedestrian flow which passes the property travelling to and from the Uphill historic area of the City.
Tasty Plc – Company No. 05826464. The company trades from 42 restaurants (as at September 2015). Please refer to www.wildwoodrestaurants.co.uk and choose “investor relations”. A credit report is available upon request. Net Worth - £19,188,000 (as at 28/12/14).
PROPOSAL Cote are fitting out a new restaurant immediately opposite the property and other operators located close by include Pizza Express, Patisserie Valerie, the Slug & Lettuce, Carluccios, Kind, The Cardinal’s Hat and The Strait & Narrow.
PROPERTY The property is undergoing a full scheme of redevelopment including the construction of a totally new 13.8m frontage to High Street.
Offers are invited for the freehold interest subject to the tenancy detailed above in the sum of £2,000,000. The developer’s works are scheduled to be completed by May 2016. The developer is seeking an early exchange with completion of the transaction delayed until the new lease completes. The capital equivalent of the outstanding rent free will be deducted from the price on completion.
YIELD A purchase at the above price would show a net initial yield of 5.2% rising to 5.9% in 2021 allowing for costs at 5.8%.
VAT It is proposed to sell the property by using a TOGC contract – VAT should not therefore be charged in addition to the purchase price.
FURTHER INFORMATION Contact: Mr Tim Bradford Tel: 01522 544515 Email: [email protected]
ACCOMMODATION Ground Floor First Floor Total
: : :
580 sq m 259 sq m 839 sq m
6,248 sq ft 2,788 sq ft 9,036 sq ft
Ref:
TJB/CD/1182/L15
