Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
Under Offer: Prime High Street Restaurant/Takeaway Investment

94 High Street, Crawley, West Sussex RH10 1BZ

Interested in this property? Call our Crawley Office : 01293 40 10 40

Prominently located on the corner of High Street and Orchard Street, close to the junction with The Boulevard. High Street provides an excellent mix of retail, restaurant, leisure and financial & professional occupiers. Nearby occupiers include Barclays Bank, Dominos Pizza, Prezzo, Pizza Express, ASK, Wildwood, the George Hotel, Chimichanga, Turtle Bay and various other restaurants, bars and public houses.

Close by there is a newly developed 75,000 sq ft Morrisons food store, 110 room Travelodge Hotel and a car park with approximately 500 car parking spaces.

Crawley has a current residential population of approximately 106,600 persons extending to 161,000 persons within a 10 kms radius.

KEY FEATURES

  • Prominent corner position in central High Street location
  • Let to strong covenant until October 2023
  • Current income £40,000pax
  • Future development potential

A prominent end of terrace building on ground and part first floors comprising an extended retail unit situated in a prominent central High Street location. The entire property has been let to Kentucky Fried Chicken (Great Britain) Limited (t/a KFC).

PROPERTY DETAILS

Whole Building

DESCRIPTION

End of terrace (corner) two storey building substantially extended to the rear at ground level with rear yard/parking.

ACCOMMODATION

The approximate net internal areas are as follows:

Ground Floor
Retaurant/Takeaway: 1,314 sq ft (122.1 m2)

First Floor
Kitchen: 296 sq ft (27.5 m2)
Stores: 140 sq ft (13.0 m2)
Cloakroom
Total: 1,750 sq ft (162.6 m2)

TENURE

Freehold subject to the existing lease.

LEASE

The entire premises are let on a full repairing and insuring lease to Kentucky Fried Chicken (Great Britain) Limited for a term of 10 years from 15 October 2013 at a current rent of £40,000 per annum exclusive, subject to an upward only rent review at the end of the fifth year.

N.B. The tenant also occupies the adjoining premises (96 High Street).

PRICE

Offers are invited in excess of £750,000 for the freehold interest, subject to the existing lease. A purchase at this level will reflect a gross return of 5.33% and a net initial yield of 5.06% after allowing for purchasers costs at 5.4%.

COVENANT

The Kentucky Fried Chicken concept was introduced to Britain in 1965 when the first store opened in Preston. Since then KFC (GB), founded in December 1669 (Company No: 00967403) has expanded its UK & Ireland restaurant network to its current level of over 850 locations, some company operated and some franchised. The achievement of excellent restaurant standards has resulted in the British operation acting as a training base for many of the new KFC restaurants operating throughout Europe. In 2012, 2013 and 2014 KFC (GB) won the Top Employer award from the Top Employers Institute, becoming the first company to receive the acolade three years running.

Pre-tax profit for the year end 29 November 2015 was £55,946,000 on a turnover of £465,334,000. Net worth as at 29 November 2015 - £99,149,000.
For further financial abbreviated information please click here

EPC

Rating C-65 - click here to download EPC

Whole Building For Sale: £750,000

Business Rates

Rateable Value: £42,000
Rates Payable: £19,572 (2017/18)
Council Tax: £TBC

Interested parties are advised to contact Crawley Borough Council on Tel: 01293 438000 or www.crawley.gov.uk to verify this information.

VAT

VAT is applicable.

Legal Fees

Each party to bear their own legal costs incurred in the transaction.

Viewing Arrangements

Strictly via prior appointment through Sole Agents Graves Jenkins

CONTACT

David Bessant MRICS
bessant@gravesjenkins.com


These particulars are believed to be correct but their accuracy is not guaranteed. They do not form any part of any contract. You should be aware that the Code of Practice on Commercial Leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement.