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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
201 High Street, Southend-on-Sea, SS1 1LL
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)
201 High Street, Southend-on-Sea, SS1 1LL
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
201 High Street, Southend-on-Sea, SS1 1LL
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
201 High Street, Southend-on-Sea, SS1 1LL
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
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
Kitchen-living-dining
Kitchen-living-dining
Kitchen-living-dining
Bedroom
Bedroom
Kitchen-living-dining
Bathroom
Bedroom
Kitchen-living-dining
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
201 High Street, Southend-on-Sea, SS1 1LL
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.