1-2 Villiers Buildings, Buckingham Street, Aylesbury, Buckinghamshire, HP20 2LE
Guide Price* : £450,000
Town Centre Restaurant Investment
- Prominent restaurant investment
- Let to secure local covenant with 15 years unexpired
- Existing restaurant has traded from the premises since 1972
- Annual rent of £36,000
- Guide Price of £450,000 reflects 7.66% NIY
The property comprises a prominent restaurant premises occupying a corner site in the centre of Ayelsbury. The premises has not been vacant since the current restaurant commenced trading in 1972.
There is dining accommodation to the ground floor of approximately 30 covers with a bar area, and a kitchen to the rear.
The upper parts provide staff accommodation in the form of bedsits and comprises four bedrooms, two bathrooms, a shower room and storage.
There is a small yard to the rear with parking, as well as two garage units which are used for storage and as a cold store.
Aylesbury is a large market town and the County town of Buckinghamshire.
The property is situated on a prominent corner site at the junction of Buckingham Street and Kingsbury and is immediately to the north of the town centre. The street itself enjoys high rates of footfall due to the large Sainburys opposite, which is the largest supermarket in the Town Centre. The street is popular with fast food, hot takeaway and restaurant traders with a variety of local covenants as well as the national brands of KFC, Papa Johns, Pizza Hut.
The property is let on an effective full repairing and insuring (FRI) lease for a term of 20 years from 25 November 2016 and producing a rent of £36,000 per annum. There are therefore 15.5 years unexpired.
The lease is within the 1954 Act and is subject to 5 yearly upward only rent reviews, with the first falling in November 2021.
A three month rental deposit is held.
The current lease is to an individual who took over the restaurant business in 2008 and subsequently renewed in 2016. However the Golden Bengal restaurant has been trading from the premises since 1972. It is therefore a mainstay in the local community and we consider the fundamental security of the tenant to be very good for this reason.
There are no rent arrears with the tenant trading successfully via takeaway through Covid-19 restrictions. There have also been no periods of arrears in the past 20 years.
We understand the property has been elected for VAT. It is envisaged the sale will be dealt with as a TOGC
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2021
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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