Prominent retail investment let to established restaurant
The property is prominently located at the northern end of the High Street on the corner of Beach Street. Sheerness-on-Sea mainline railway station, providing frequent services to Sittingbourne, is approximately 100m away. Sheerness beach, Tesco's Supermarket, McDonalds, the Sheppey Leisure Complex and various public car parks, are all within walking distance of the property. Sheerness is some 10 miles north of Sittingbourne on the Isle of Sheppey in the Thames Estuary. The town is accessed via the A249, which links with the A2, M2 and M20 Motorways.
- Recent significant capital investment into fit out by tenant - Lease expiry 2038 & 7 years until tenant's break option - Rent: £51,400 per annum - Extensive ground floor restaurant with residential upper parts
The property comprises a large ground floor restaurant which has been extended into the adjoining No 10 High Street (under separate ownership) together with first and second floors which are being used for residential purposes. The current tenant has made a signifcant investment into the fit out of the restaurant which now provides an extensive buffet servery, open kitchen area and seating for over 200. A detailed inspection of the accommodation has not yet been possible. However, from information provided (including the VOA)
The entire property is let for a term of 21 years from 31/10/17 on FRI terms to Mr Lu on an assignment in August 2019. The tenant has an option to break on 31/10/27. The lease is outside the LTA '54 and contains a provision for the tenant to reinstate the former party wall with No 10 High Street.
Trading through the Covid-19 Pandemic
We are informed by our clients that the tenant has continued to trade through the lockdowns providing a popular take-away and delivery service. We understand that the tenant has continued to pay full rent and that there are no current rent arrears.
Sheerness-on-Sea (0.1 miles)
Queenborough (1.8 miles)
Swale (3.6 miles)