24 Bishopric, Horsham, West Sussex, RH12

Investment Consideration:
Gross Initial Yield: 7.33%
Rental Income: £55,000 p.a.
VAT is NOT applicable to this property
Comprises ground floor restaurant & takeaway t/a KFC and residential flat above (sold-off)
Let until 2044. No breaks. Rent reviews linked to RPI every 5 years (1% collar and 3% cap)
Let to Caskade Caterers Ltd, who operates 55 KFC, 52 Taco Bell and 3 Pizza Hut franchises across UK
Occupiers close by include JD Wetherspoon, John Lewis, The Gym Group and more.

Property Description:
Comprises ground floor restaurant & takeaway t/a KFC and a self-contained flat at first floor, which has been sold-off on long leasehold. The property provides the following accommodation and dimensions:
Ground Floor Restaurant: 142 sq m (1,528 sq ft)
Open plan restaurant, kitchen, storage, office, wc
First Floor Flat 24A: Sold-off

Tenancy:
The ground floor restaurant is at present let to Caskade Caterers Ltd* for a term of 20 years from May 2024 at a current rent of £55,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th Year (1% collar and 3% cap). No breaks.
Flat 24A has been sold off on long leasehold for a term of 999 Years from 2024 at a ground rent of peppercorn.

* Caskade Caterers Ltd for the year ending 31.12.22 reported a turnover of £46,091,254, pre-tax profits of £394,976 and a Net worth of £8,934,070.
They form part of the Caskade Group which has been established since 1984 and operates 55 KFC , 52 Taco Bell and 3 Pizza Hut franchises across UK.

Location:
Horsham is a market town located in the county of West Sussex, South East England, seven miles south-west of the major town of Crawley, and 33 miles south of London. The property is located 0.7 miles from Horsham Railway station which serves regular services to London Victoria (55 minutes). Swan Walk Shopping Centre is within walking distance from the subject property and is the prime retailing destination in Horsham. Occupiers close by include JD Wetherspoon, John Lewis, The Gym Group and a host of other national and local retailers.