201 high street, southend-on-sea, ss1 1ll€¦ · southend central and southend victoria train...

201 High Street, Southend-on-Sea, SS1 1LLLong let leisure investment opportunity with planning consent for 9 flats above

For indicative purposes only.

THE KURSAAL

SOUTHEND’S LONGEST PLEASURE PIER

IN THE WORLD

ADVENTURE

LAND

SEA LIFE

ADVENTURE

THE ROYALS

SHOPPING CENTRE

SUBJECT PROPERTY

UNIVERSITY OF ESSEX

SOUTHEND CENTRAL

SOUTHEND VICTORIA

P

P

SOUTHEND PIER MUSEUM

CENTRE PLACE FAMILY CENTRE NURSERY

WARRIOR SQUARE

VICTORIA COURT

A1160

201 High Street, Southend-on-Sea, SS1 1LL

CGI of Proposed Development

INVESTMENT CONSIDERATIONS• The property comprises a ground floor leisure unit with planning for 9 residential flats above

• The commercial unit is let to Turtle Bay Restaurants Limited for a term of 20 years expiring May 2039 with no breaks

• Freehold

• Southend is an affluent commuter town with excellent links to London Liverpool Street and London Fenchurch Street

• Turtle Bay has a passing rent of £113,500 per annum

• The property is centrally located, less than 0.3 miles from both Southend Central and Southend Victoria train stations

• We are instructed to seek offers in excess of £1,900,000 (One Million, Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a NIY of 6.5% for the leisure unit and only £35 psf on the consented first and second floor development


Heathrow

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A5

A505A418

A418 A602

A120

A131

A130

A130A127

A229

A229

A217A243

A217A331

A322

A316

A309

A232

A264

A264

A229

A229

A404

A355

A404

A413

A4010

A4010

A414

A414

A414

A5

A5

A1

A3

A3

A3

A3

A3

A3

A3

A2

A41

A41

A41

A40

A40

A31

A31

A24

A24

A24

A24

A24

A24

A24

A23

A23A22

A21

A20

A20

A13

A12

A10

A10

A10

A12

A13

A21

A26

A26

A26

A26

A26

A21

A21

A21

A21

A22

A22

A22

A22

A22

A23

A23

M4 M4M4

M4

M3M2

M3

M3

M25

M25

M10

M25

M40

M40

M40

M25

M25

M25

M25

M25

M23

M23

M23

M25

M26

M20

M25

M11

A1(M)

M1

M1

Harlow

Bishop’sStortford

ColchesterBraintree

Epping

Chigwell

Potters Bar

Knebworth

Hertford

Luton

Aylesbury

DunstableStevenage

LONDON

Hatfield

Dartford Tilbury

Bromley

Gravesend

GillinghamRochester

Sittingbourne

Croydon

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

StaplehurstPaddock

Wood

East GrinsteadCrawley Three Bridges

Horley

Horsham

NorthHorsham

HaywardsHeath

Burgess Hill

Redhill

Oxted

DorkingGuildford Reigate

Staines

Slough

HemelHempstead St Albans

HighWycombe

Watford

WembelyUxbridge

RuislipHarrow Brent

CrossHolloway

Walthamstow

Stratford

WickfordSouthOxney

Rickmansworth

Harefield

BorehamwoodEnfield

Windsor

WokingEpsom

Chessington

Tolworth

Sutton

Clapham

Swanley

Fulham

Weybridge

Ashford

RichmondHounslow

KingstonUpon Thames

Billericay

Maldon

SOUTHEND-ON-SEA

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

LOCATION

The popular seaside town of Southend-on-Sea is situated within the County of Essex located approximately 39 miles (62 km) east of London, 19 miles (30 km) south of Chelmsford and 20 miles (32 km) east of Brentwood. Road access to Southend is provided by the A127 dual carriageway which in turn, provides access to Junction 29 of the M25, approximately 20 miles (32 km) to the west.

London Southend Airport is located 1.5 miles (2.4 km) to the north of the town centre, providing regular flights to a number of European destinations including Venice, Barcelona, Dubrovnik and Vienna. Southend-on-Sea boasts the largest leisure pier in the world.

SOUTHEND THE COMMUTER TOWM

Southend provides excellent connections with central London and has become a popular commuter town in the last 5 years. In a recent report by the BBC, Southend was found to be one of the most affordable places for London commuters to live when taking into account house prices and train season tickets.

Southend provides regular rail services (6 per hour at peak times) to London Liverpool Street with a fastest journey time of 58 minutes and Southend Central provides frequent services (9 per hour at peak times) to London Fenchurch Street, with a fastest journey time of 51 minutes. The subject property is 0.2 miles (0.3 km) from Southend Victoria and 0.3 miles (0.5 km) from Southend Central.

SOUTHENDVICTORIA

SOUTHENDCENTRAL

Hig

h St

H

igh St

H

igh St

H

igh St

Cambridge Rd Capel Terra

ce

Clarence St

Weston Rd

London Rd

Whitegate Rd

Lucy Rd

Hartington Rd

He

rbe

rt Gro

ve

Cli�town Rd Tylers

Scratton Rd

Cli�town Parade

Chancellor Rd

Churc

h Rd

Roya

l Mews

Pier Hill

York Rd

Chic

heste

r Rd

Chic

heste

r Rd

Alexandra Rd Alexandra St Heygate Ave

Heygate Ave

Southc

hurch A

ve

So

uthchurc

h Ave

York Rd

Ambleside Dr Ambleside Dr

Cha

se Rd

Riviers Dr

Arno

ld A

ve

Beac

h R

d Beresford Rd

Bourne

mo

uth Park Rd

Christc

hurch Rd

Boscombe Rd Boscombe Rd

Belle

vue Rd

Belle

vue

Baxter Ave

Hamlet Rd

Prince

s St

Prince

s St

Park St

Co

lleg

e

Way Elm

er A

ve

Gordon Pl

Ashb

urnham

Rd

A127 V

ictoria Ave

London

A13 QueensWay

A13 QueensWay

A

1160 Que

ensW

ay

A13 QueensWay

A1160 Q

uee

nsWa

y

A 1160 QueensWay

A13 Southchurch Rd A13 Southchurch Rd

B1015 Sutton Rd

Woodgrange Dr

A1160 Southc

hurch Ave

Western Esplanade Marine Parade

Eastern Esplanade

B1016

The VictoriaShopping Centre

(670 CPS)

Universityof Essex

RoyalsShopping Centre

(450 CPS)

AdventureIsland

SouthendPier

SouthendCli� Gardens

PrittlewellGardens

WarriorSquare

Warrior SqCar Park

Clarence StCar Park

Elmer ApproachCar Park

Bus Station

Alexandra St

Car Park

TylersAveCar

Park

THEKURSAAL

Sea Life Adventure

ChristchurchPark

SouthchurchHall Park

Southend VictoriaLondon Liverpool Street 58 minutes

Southend CentralLondon Fenchurch Street 51 minutes

Fastest journey time, source: ••••••••••

London Southend AirportFlights to Europe 1.5 miles (2.4 km)

RoadM25 20 miles (32 km) London 39 miles (62 km)


SITUATION The property is located in the heart of Southend-on-Sea on the west side of the pedestrianised high street, adjacent to the town’s principle public square and the Victoria Shopping Centre. Both Southend Central and Southend Victoria train stations are less than a five minute walk away, whilst Southend-on-Sea’s famous pier is a 10 minute walk to the south.

The surrounding area is a popular leisure and retail location intertwined with residential flats and houses. Odeon Cinema is located across the square moments from the subject property and other occupiers in the surrounding area include Burger King, Holland & Barrett, Sports Direct, Starbucks, McDonald’s and Superdrug.

DESCRIPTIONThe property comprises a prominent two storey corner building arranged over ground and first floors. The majority of the ground floor provides restaurant accommodation with ancillary space to part of the first floor. The remaining first floor space is currently vacant and has planning permission to be converted into residential accommodation.

TENUREFreehold.

ACCOMMODATION*

Floor Sq Ft Sq m

Ground Floor Restaurant Turtle Bay 3,700 344

First Floor Ancillary Turtle Bay 355 33

First Floor Vacant Space** 3,980 371

*Measurements have been provided by the vendor, any interested party should carry out their own due diligence.

**Please note this includes a small ancillary ground floor area with cycle storage.

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Southend-on-Sea

Experian Goad Plan Created: 06/06/2019Created By: Allsop

Copyright and confidentiality Experian, 2019. © Crowncopyright and database rights 2019. OS 100019885

SUBJECT PROPERTY


GROUND FLOOR TENANCYThe majority of the ground floor and part of the first floor is let on a new FRI lease to Turtle Bay Restaurants Limited for a term of 20 years, with no break, from 14th May 2019 at a passing rent of £113,500 per annum. The lease benefits from five yearly upwards only rent reviews to Open Market Rent with the first in 2024. The tenant has agreed a two year rent free period which will be topped up by the vendor at completion.

UPPER FLOORS RESIDENTIAL SCHEMEPlanning permission was granted in May 2018 for the change of use of the first floor to residential and the addition of a second storey. The majority of the first floor is currently vacant and measures 3,980 sq ft (370 sq m), including a small ancillary ground floor area with cycle storage. In total the proposed upper floors will measure 7,375 sq ft (685 sq m), inclusive of the ground floor ancillary space.

The full planning application can be found on the Southend-on-Sea planning website under the reference 18/00485/Ful.

Purposed Scheme:

• 7 x One Bedroom Flats of approximately 550 sq ft (51 sq m)

• 1 x Two Bedroom Flats of approximately 740 sq ft (69 sq m)

• 1 x Three Bedroom Flats of approximately 968 sq ft (90 sq m)

Please see proposed floor plans on page 7.

COVENANT INFORMATION Founded in 2011 by the co-founder of Las Iguanas, Turtle Bay is a Caribbean inspired restaurant chain with restaurants in both the UK and Europe. Its first site was opened in Milton Keynes and has since expanded to 44 sites across the UK with a further two sites in Germany. In 2013 customer brands specialist Piper invested £6m into Turtle Bay contributing to the company’s continued expansion.

Turtle Bay Restaurants Limited has a D & B rating of 3A1 and has the following financial information:

01/03/16 25/02/17 24/02/18

Turnover £47,036,361 £63,693,415 £68,098,923

Pre – Tax profit £7,559,957 £8,201,738 £5,903,401

Total Net Worth £3,635,925 £4,090,268 £8,678,195

Existing unit

CGI of Proposed Development


PROPOSED FLOORPLANS

KLD23 .3m 2

BED12 .8m 2

BATH5.2m 2

Bathroom

BedroomKitchen-living-dining

Bathroom

Bathroom

Bathroom

Bedroom 2

Bedroom 1

Bedroom3

FLAT4

Kitchen-living-dining


Bedroom1

BathroomKitchen-living-dining

Bedroom2Bedroom

Storage

Storage Storage

Stora

ge

Sto

rag

e

Sto

rag

e

Sto

rag

eSt

ora

ge

FLAT3

Stora

ge

Storage

Storage

Storage

321 4

FLAT2

FLAT1

Sto

rag

e

First Floor

Bedroom




Bedroom

Bedroom


Bathroom

Bedroom


BathroomBathroom Bathroom

Bedroom

FLAT5

Bathroom

Storage

Stora

ge

Stora

ge

Stora

ge

Stora

ge

Stora

ge

StorageStorage

Storage Storage

TerraceTerrace

5 67 8

9

Terrace Terrace Terrace

FLAT6 FLAT8

FLAT9

FLAT7

Second Floor


Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.19

Liam Stray020 7543 [email protected]

For further information or to make arrangements for viewing please contact:

Henry Tye020 7543 [email protected]

PROPOSALWe are instructed to seek offers in excess of £1,900,000 (One Million, Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a NIY of 6.5% for the leisure unit and only £35 psf on the consented first and second floor development

VATThe property is elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPCAvailable upon request.

allsop.co.uk

DATAROOMFor Access to the Allsop dataroom please use the following link: http://datarooms.allsop.co.uk/register/SouthendTurtleBay.

201 high street, southend-on-sea, ss1 1ll€¦ · southend central and southend victoria train...

Documents