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Zara Indian Cuisine, Chelmsford Road

For sale: POA|2850 Sq Ft|Restaurants/Cafes, Licensed & Leisure

PROPERTY DETAILS

FOR SALEPOA
SIZE2850 Sq Ft
ADDRESSZara Indian Cuisine, Chelmsford Road, Woodham Mortimer, Maldon, CM9 6TJ
TYPERestaurants/Cafes, Licensed & Leisure
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON22nd September 2020

DESCRIPTION

Key Points

  • Freehold restaurant investment for sale
  • Managers accommodation at first floor
  • Large car park adjacent to the property
  • Let on a tied lease which expires in April 2027 at a current rent of £35,030 per annum
  • Additional tied income received by the landlord
  • Guide Price £375,000 (9.0% NIY)
  • Business unaffected by sale
  • Site Area: 0.66 acres
  • Summary

    Freehold restaurant investment for sale on a prominent roadside plot with a large car park.

    Description

    The property comprises a two storey detached building, above basement, with painted rendered elevations beneath and pitched and hipped clay tiled roof. There is a single storey extension to the right hand elevation. Externally there is a car park to the left and right hand elevations for approximately 30 vehicles.

    Location

    The premises are located in the village of Woodham Mortimer, Essex, approximately 3.5 miles (5.6 kilometres) west of Maldon and 6.8 miles (10.9 kilometres) east of Chelmsford in a predominantly residential location. Local facilities in the nearby town of Danbury comprise a Tesco express, Co-op, three golf clubs, Danbury Sports & Social Centre, Danbury Park Community Primary School as well as several pubs and restaurants. The property is situated on the A414, which connects to the A12 towards Chelmsford to the west and provides access to the M25 to the south west. The nearest train station is located in Chelmsford, approximately 7.0 miles (11.3 kilometres) to the west and provides regular services to London Liverpool Street in a journey time of approximately 35 minutes.

    Planning

    Our enquiries to the local authority have revealed that the property is not listed, nor within a conservation area.

    Tenure & Tenancy

    The property is held freehold. The entire property is let on a full repairing and insuring 20 year lease from 16 April 2007 at a current rent of £35,030.78 per annum, subject to annual RPI linked reviews and open market rent reviews every fifth year. The lease is tied for all drinks except wines, spirits and minerals. A rent deposit of £10,708.55 is held by the landlord. Barrelage information may be provided upon written request.

    Rateable Value

    The subject property is listed in the 2017 Rating List with a Rateable Value of £17,000.

    VAT

    It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.

    Terms

    We are instructed to invite offers in the region of £375,000 (9.0% NIY) assuming usual purchasers’ costs. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

    Viewings & Contacts

    Potential buyers are encouraged to undertake a customer visit in the first instance. Under no circumstance should any direct approach be made to any of the occupational tenants’ staff. For further information and all formal viewing requests please contact the sole selling agents Savills.

    Contact

    James Grasby +44 (0) 207 409 8178 james.grasby@savills.com Stuart Stares +44 (0) 207 299 3088 sstares@savills.com

    LOCATION

    Location: Zara Indian Cuisine, Chelmsford Road, Woodham Mortimer, Maldon, CM9 6TJ

    North Fambridge (4.4 miles)

    South Woodham Ferrers (4.4 miles)

    Hatfield Peverel (4.6 miles)

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