BURGER KINGDRIVE-THRU, HASTINGS ROAD

TUNBRIDGE WELLS, TN12 7HE

DRIVE-THRU INVESTMENT LET ON A NEW 25 YEAR LEASE

SOUTH EAST DRIVE-THRU INVESTMENT LET ON A NEW 25 YEAR LEASE BURGER KINGDRIVE-THRU, HASTINGS ROAD TUNBRIDGE WELLS, TN12 7HE

INVESTMENT CONSIDERATIONS

• Newly constructed/renovated 4,973 sq ft drive-thru with 34 parking spaces

• The property occupies a prominent position on the A21 within Tunbridge Wells

• Freehold

• Let to Saxby Ltd (t/a Burger King) on a new 25 year FRI lease (no breaks)

• Very low passing rent of £100,000 per annum (£20.10 psf)

• The lease benefits from five yearly upwards only rent reviews

• Total site area of 0.50 acres (0.20 hec) providing a low site cover of 15%

PROPOSAL

• Offers sought in excess of £1,883,000 (One Million Eight Hundred and Eighty Three Thousand Pounds) for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.00% after deductions of purchaser’s costs at 5.94%.

DATA ROOMhttps://datarooms.allsop.co.uk/register/BK-TunbridgeWells

SOUTH EAST DRIVE-THRU INVESTMENT LET ON A NEW 25 YEAR LEASE BURGER KINGDRIVE-THRU, HASTINGS ROAD TUNBRIDGE WELLS, TN12 7HE

J2

J3

J5

J7

M2

M25

M25

M23

M26

M20

A2

A2

A229

A228

A21

A21A23

A23

A22

A22

A217

A26

A26

A24

A24

A20

A405

A232

A13

A249

GRAVESEND

ROCHESTER

SITTINGBOURNE

EAST GRINSTEAD

SEVENOAKS

CROYDON

OXTEDMAIDSTONE

GODHURST

EPSOM

BROMLEY

LEATHERHEAD

REDHILL

LINGFIELD

CRAWLEY

GatwickInternational

Airport ROYALTUNBRIDGE

WELLS

TUNBRIDGEWELLS

GRAYS

DARTFORD

BARKING

LONDONB2

160 M

AIDSTONE

ROAD

DUND

ALE

ROAD

HASTINGS RD

A21

A21 HASTINGS ROAD

PETROLSTATION

LOCATIONThe property is located on the A21 within Tunbridge Wells, approximately 3.5 miles (5.6 km) east of Royal Tunbridge Wells town centre, 5 miles (8 km) south east of Tonbridge town centre and 31 miles (50 km) south east of London.

Tunbridge Wells benefits from excellent road connections with the A21 being one of the main arterial routes from London to the south with an average of 35,000 vehicles travelling per day. The A21 provides direct access to the M25 (Junction 5) and the M26 linking to the M20 to the east.

Outline for indicative purposes only.

SOUTH EAST DRIVE-THRU INVESTMENT LET ON A NEW 25 YEAR LEASE

SITUATIONThe property occupies a prominent position fronting the A21 between Lamberhurst Quarter and Pembury. The site can be accessed northbound and southbound from the Blue Boys Roundabout which also serves a BP Petrol Filling Station incorporating a Marks and Spencer Simply Food store.

The A21 filters down to a single lane into the Blues Boys Roundabout resulting in dense traffic flow directly outside the subject property making it an ideal drive-thru location.

Great Lodge Retail Park and the primary industrial area of Tunbridge Wells are located 3 miles (4.8 km) to the north west of the subject property off the A21. The area has attracted a large number of national retail and industrial occupiers including; John Lewis, Next, TK Maxx, B&Q, Big Yellow and BMW.

DESCRIPTIONThe property comprises a comprehensively redeveloped and extended drive-thru restaurant benefitting from excellent prominence on the A21. The property is arranged over basement, ground and first floors, totalling 4,973 sq ft (462 sq m). The site benefits from 34 on-site car parking spaces.

The building is of timber framed construction with brick elevations beneath a pitched tiled roof. The accommodation has been finished to a very high standard and fitted out by the tenant to their corporate style.

Part of the building (Old Boys Blues pub) is Grade II Listed.

SITE AREAThe property comprises a total site area of 0.50 acres (0.20 Hectares) providing a low site cover of 15%.

© Crown Copyright, ES 100004106. For identification purposes only.

133.0m

CG

Bassetts

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:961

BURGER KINGDRIVE-THRU, HASTINGS ROAD TUNBRIDGE WELLS, TN12 7HE

BLUE BOYS RR

SOUTH EAST DRIVE-THRU INVESTMENT LET ON A NEW 25 YEAR LEASE

SCHEDULE OF ACCOMMODATION

Floor Area Sq ft Area Sq m

Basement 463 43.0

Ground 3,122 290.0

First 1,388 129.0

Total 4,973 462.0

TENURE

Freehold.

TENANCY

The property is let on a new FRI lease to Saxby Ltd (t/a Burger

King), for a term of 25 years from 8th February 2019 at a

passing rent of £100,000 per annum (£20.10 psf). The are no

break options.

The lease benefits from five yearly upwards only rent reviews

to the Open Market Rent. The first review in February 2023 will

be capped at 10% (2% per annum). The remaining reviews

are uncapped.

There is a 6 month rent free period which is to be topped up

by the vendor.

COVENANT

Saxby Limited (06234999) is a fast food franchisee specialist

operating in the UK. Saxby Limited currently operates

throughout the UK, predominantly in the south east.

Saxby Limited has a D&B rating of A2 and an Experian Credit

Rating of 86 reflecting a ‘Below Average Risk’.

Saxby Limited produced the following financial results over

the past 3 years:

Year Ending Turnover Pre-Tax Profit Net Worth

30/06/2015 £3,717,599 £135,344 £312,815

30/06/2016 £3,430,978 £123,151 £492,132

30/06/2017 £3,882,723 £102,755 £568,548

INVESTMENT AND RENTAL COMPARABLE EVIDENCE

Date Address Size (sq ft)

Tenant Credit Score UXP (certain)

Passing Rent (£psf)

Price NIY Cap Val (£psf)

Available Subject Property 4,973 Saxby Ltd68 Below Average Risk

25 years £20.10 £1,883,000 5.00% £379

Available Starbucks, Dartford 2,267Starbucks Coffee Company (UK)

82 Low Risk 15.5 years £55.14 £2,500,000 4.70% £1,103

Dec-18 McDonalds, Bradford 2,440McDonald’s Restaurant Ltd

100 Very Low Risk 29 years £26.62 £1,600,000 4.71% £656

Sep-18 Burger King, Havant 2,500Caspian Food Services Ltd

45 Above Average Risk

58 years £40.21 £2,200,000 4.30% £880

Jul-18 KFC, Wolverhampton 3,200 KFC (GB) Ltd 99 Very Low Risk 11.8 years £28.50 £1,610,000 5.34% £503

Apr-18 Costa, Dumbarton 1,819 Costa Ltd 100 Very Low Risk 8.75 years £34.08 £1,100,000 5.35% £605

BURGER KINGDRIVE-THRU, HASTINGS ROAD TUNBRIDGE WELLS, TN12 7HE

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 04.19

James Salmon020 7543 6880james.salmon@allsop.co.uk

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

Florence Rothwell020 7543 6726florence.rothwell@allsop.co.uk

PROPOSALOffers sought in excess of £1,883,000 (One Million Eight Hundred and Eighty Three Thousand Pounds) for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.00% after deductions of purchaser’s costs at 5.94%.

allsop.co.uk

EPCThe property has an EPC rating of C52.

VATThe property is elected for VAT. It is assumed the transaction will be treated as a TOGC.

DATA ROOMFor access to the Allsop Marketing Data Room, please use the following link: https://datarooms.allsop.co.uk/register/BK-TunbridgeWells