Prezzo - 34-35 St Peter's Hill, Lincs NG31 6QF
Offers in Excess of
£595,000
£107.07 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
5,557 sq ft
516 sq m
- SECTOR
High street retail property for sale
- USE CLASSUse class orders: A3 Restaurants and Cafes
A3
Key features
- Retail and Leisure investment opportunity.
- Prime, town centre food and beverage investment let to Prezzo.
- Attractive and prominent building let in its entirety to Prezzo until 24 January 2041.
- Passing rent of £51,500 per annum.
- Net initial yield 9% after purchaser's costs of 4.87%.
- Ground Floor of 345 sq m (3,714 sq ft).
- Nearby occupiers include Costa and Cinco Lounge.
Description
Location
The property is located in Grantham, which is an established historic and popular south Lincoln market town and which has a population of c. 45,000 and a large and affluent catchment of close to 120,000.
The town benefits from excellent road communication links via the A1 running to the west of the town, and Grantham also benefits from the mainline rail connection to London Kings Cross, with a journey time of approximately 75 minutes.
The property is positioned in the prime retail and leisure pitch fronting St Peters Hill and immediately adjacent to the town's dominant The Isaac Newton Shopping Centre, anchored by a Morrisons supermarket, along with other occupiers including Lloyds Bank, Boots the Chemist, Costa Coffee and Cinco Lounge (Loungers).
The property's location is also a three minute walk to the town's modern Savoy Cinema which generated c. 300,000 visitors in its first year of operation.
Description
The property comprises a period three storey mid terrace building fronting the prime retail pitch of St Peter's Hill.
Internally, the ground floor is open plan and forms the restaurant and bar trading area which is visible from the glazed shopfronts. To the rear of the ground floor there is the kitchen which incorporates a feature pizza oven and access to the first floor dry store.
At first floor level there are ladies and gents WC facilities along with staff back of house accommodation. Part of the first floor and the entirety of the second floor is not utilised by the tenant.
The building has been fitted out and maintained to a high standard by Prezzo.
Externally, at the rear there are the bin stores and rear fire escapes.
Accommodation (GIA)
Ground Floor: 345.07 sq m (3,714 sq ft)
First Floor: 83.27 sq m (896 sq ft)
Second Floor: 87.96 sq m (947 sq ft)
TOTAL: 516.30 sq m (5,557 sq ft)
Tenure
The property is held freehold under Title No. LL47950.
Price
OIEO £545,000 Freehold
Planning
The property has planning for:-
E: (Commercial Business & Service)
(Retail / Café / Restaurant)
Covenant
The property is let to Prezzo Trading Limited T/As Prezzo (Company No. 13150050) who took as assignment of the lease granted to PRZ Realisations Limited formerly Prezzo Limited.
Prezzo are an Italian casual dining restaurant who operate from 156 sites around the country.
In late 2020, Prezzo were bought out of administration by the private equity house, Cain International who are looking to drive performance of the chain.
An Experian Credit Report is available upon request.
VAT
Vat is applicable to the purchase price and we anticipate the sale to be proceed as a TOGC.
EPC
B-38
Tenancy Information
The subject property is let on the following terms:-
Tenant: PRZ Realisations Limited T/A Prezzo.
Lease Date: 25/01/2016
Lease Expiry: 24/01/2041
Break Clause: 25/01/2031
Rent £51,500 per annum.
Unexpired Lease Term to Next Break: 5 years 5 months
Unexpired Lease Term to Expiry: 15 years 5 months
The property is let on Full Repairing and Insuring lease terms.
A copy of the Lease and Licence to Alter are available upon request.
Investment Considerations
The sale has the following considerations:-
- Let for a further 7 years and 17 years should the tenant not exercise their break option in 2031
- January 2023 Rent Review saw an increase to £51,500 per annum from the previous passing rent £45,000 per annum
- Scope to convert the unutilised upper floors to residential, subject to varying the lease and obtaining planning
- High quality tenant fit out throughout
- Only national Italian restaurant in Grantham and occupies a prime position adjacent to Costa and Cinco Lounge (Loungers)
Proposal
Offers are invited in excess of:-
£545,000 Freehold which reflects 9% after purchaser's costs of 4.87%.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Data Room
Access to the data room can be provided upon request.
Viewings
Interested parties should not visit the premises without first speaking with the selling agents.
The property is located in Grantham, which is an established historic and popular south Lincoln market town and which has a population of c. 45,000 and a large and affluent catchment of close to 120,000.
The town benefits from excellent road communication links via the A1 running to the west of the town, and Grantham also benefits from the mainline rail connection to London Kings Cross, with a journey time of approximately 75 minutes.
The property is positioned in the prime retail and leisure pitch fronting St Peters Hill and immediately adjacent to the town's dominant The Isaac Newton Shopping Centre, anchored by a Morrisons supermarket, along with other occupiers including Lloyds Bank, Boots the Chemist, Costa Coffee and Cinco Lounge (Loungers).
The property's location is also a three minute walk to the town's modern Savoy Cinema which generated c. 300,000 visitors in its first year of operation.
Description
The property comprises a period three storey mid terrace building fronting the prime retail pitch of St Peter's Hill.
Internally, the ground floor is open plan and forms the restaurant and bar trading area which is visible from the glazed shopfronts. To the rear of the ground floor there is the kitchen which incorporates a feature pizza oven and access to the first floor dry store.
At first floor level there are ladies and gents WC facilities along with staff back of house accommodation. Part of the first floor and the entirety of the second floor is not utilised by the tenant.
The building has been fitted out and maintained to a high standard by Prezzo.
Externally, at the rear there are the bin stores and rear fire escapes.
Accommodation (GIA)
Ground Floor: 345.07 sq m (3,714 sq ft)
First Floor: 83.27 sq m (896 sq ft)
Second Floor: 87.96 sq m (947 sq ft)
TOTAL: 516.30 sq m (5,557 sq ft)
Tenure
The property is held freehold under Title No. LL47950.
Price
OIEO £545,000 Freehold
Planning
The property has planning for:-
E: (Commercial Business & Service)
(Retail / Café / Restaurant)
Covenant
The property is let to Prezzo Trading Limited T/As Prezzo (Company No. 13150050) who took as assignment of the lease granted to PRZ Realisations Limited formerly Prezzo Limited.
Prezzo are an Italian casual dining restaurant who operate from 156 sites around the country.
In late 2020, Prezzo were bought out of administration by the private equity house, Cain International who are looking to drive performance of the chain.
An Experian Credit Report is available upon request.
VAT
Vat is applicable to the purchase price and we anticipate the sale to be proceed as a TOGC.
EPC
B-38
Tenancy Information
The subject property is let on the following terms:-
Tenant: PRZ Realisations Limited T/A Prezzo.
Lease Date: 25/01/2016
Lease Expiry: 24/01/2041
Break Clause: 25/01/2031
Rent £51,500 per annum.
Unexpired Lease Term to Next Break: 5 years 5 months
Unexpired Lease Term to Expiry: 15 years 5 months
The property is let on Full Repairing and Insuring lease terms.
A copy of the Lease and Licence to Alter are available upon request.
Investment Considerations
The sale has the following considerations:-
- Let for a further 7 years and 17 years should the tenant not exercise their break option in 2031
- January 2023 Rent Review saw an increase to £51,500 per annum from the previous passing rent £45,000 per annum
- Scope to convert the unutilised upper floors to residential, subject to varying the lease and obtaining planning
- High quality tenant fit out throughout
- Only national Italian restaurant in Grantham and occupies a prime position adjacent to Costa and Cinco Lounge (Loungers)
Proposal
Offers are invited in excess of:-
£545,000 Freehold which reflects 9% after purchaser's costs of 4.87%.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Data Room
Access to the data room can be provided upon request.
Viewings
Interested parties should not visit the premises without first speaking with the selling agents.
Brochures
Prezzo - 34-35 St Peter's Hill, Lincs NG31 6QF
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Grantham Station0.3 miles
Notes
These notes are private, only you can see them.
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