freehold leisure investment opportunity for sale · 2019. 12. 5. · revolution bars ltd (08838980)...
TRANSCRIPT
FREEHOLD LEISURE INVESTMENT OPPORTUNITY FOR SALE
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CHESTERCATHEDRAL
CHESTER STATION
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BACHE STATION
CHESTERRACECOURSE
CHESTERMEADOWS
CHESTERHOSPITAL
UNIVERSITY OFCHESTER
GROSVENORPRECINCT
CHESTER
NEWTON
M53 12
LO C AT I O N
Chester is the cathedral city of Cheshire with a population of
approximately 91,000 persons and is located approximately 40 miles
south west of Manchester and 20 miles south east of Liverpool.
The city benefits from excellent road communications being located close
to the M53 which provides convenient access to the M56, M6 and M62
motorways.
Regular direct rail services connect Chester with London Euston with a
journey time of approximately 2 hours.
106 - 110 FOREGATE ST
C H E S T E R
106 - 110 FOREGATE ST
C H E S T E R
I N V E ST M E N T S U M M A R Y
• Let to Revolution Bars Limited (with Guarantees)• Passing rent of £107,000 pa• Lease to expire June 2027 without break• Offers in excess of £1m (STC)• Represents Net Initial Yield of 10.12%
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
LO C AT I O N
H Q B U I L D I N G
TO W N H A L L
C AT H E D R A L
O L D Q U E E N S H E A D
M & S
G R O SV E N O RS H O P P I N G C E N T R E
I N D I G OH OT E L
C H E ST E R R A C E C O U R S E
G R O SV E N O RPA R K
T R AV E LO D G EC H E ST E RC E N T R A L
R I V E R D E E
F O R E G AT E ST
TO C H E ST E R T R A I N STAT I O N , B U S STAT I O N A N D M 5 3
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A LA E R I A L
S I T U AT I O N
The property is situated on Foregate Street close to its
junction with St Oswalds Way and forms part of Chester’s
retail and leisure offer.
Foregate Street is one of the main links from the east of
the city centre providing direct access to Chester Railway
Station by way of City Road and ultimately linking with
Eastgate Street and the prime retail areas thereafter. As a
consequence, the location experiences excellent levels of
footfall as well as passing vehicular traffic.
Occupiers in the immediate vicinity include William Hill, The
Entertainer, Cotswold Outdoor and Cafe Nero. Occupiers
of a leisure nature include Brewhouse and Kitchen, J D
Wetherspoon, Dominos Pizza and Number 15 Bar.
The leisure offer within Foregate Street links directly with
that adjacent to the canal and along City Road, accessed
via a pedestrian subway.
The property does therefore form part of the city’s
established leisure circuit.
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
S I T U AT I O N
D E S C R I P T I O N
The property comprises of 2 three storey properties
of brick construction under pitched slate tiled
roofs which have been extended to the rear and
which have been combined during their history to
create one large unit. The property comprises of
ground floor bar seating and restaurant areas with
ancillary staff accommodation at first floor level.
We understand the second floor is unused.
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
D E S C R I P T I O N
A C C O M M O D AT I O N
At a previous rent review the following floor areas were
agreed with the tenant’s representative.
Ground floor sales 4,209 sq ft (391 sq m)
First floor ancillary 2,290 sq ft (212.74 sq m)
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
A C C O M M O D AT I O N
T E N A N C Y I N F O R M AT I O N
The property is currently let by way of a renewal lease for a term of 12 years expiring on 23 June
2027, at a current rental of £107,000 per annum. The rent is subject to review in 2022.
The property is let to Revolution Bars Limited (Co reg 08838980) with rental guarantees in
place with Revolution de Cuba Limited (08838595), Inventive Guarnteeco Limited (08838565)
and New Inventive Bar Company Limited (08838504) (Now Revolution Bars Group PLC).
T E N U R E
We are advised that the property is held freehold, free from encumbrance.
Company Turnover Net Profit Net WorthExperian
Score
Revolution Bars Ltd (08838980) (year end June 18)
£103.642m-£11.846m
(loss)£17.887m 60
Revolucion De Cuba Limited (08838595)
£38.283m £725,000 £2.471m 55
Inventive Guaranteeco Limited (08838565)
- £2.475m £29.6m 86
New Inventive Bar Company Limited (Now Revolution Bars Group PLC) (08838504)
£141.939m-£3.574m
(loss)£28.36m 60
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
T E N A N C Y & T E N U R E
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
G A L L E R Y
P R O P O S A L
We are instructed to seek offers in the region of £1,000,000 (exclusive of VAT)
for the benefit of our client’s freehold interest, subject to the existing tenancy.
A purchase at this level would show a buyer a net initial yield of 10.12% after
allowing for usual purchaser’s costs of 5.75%.
M O N E Y L A U N D E R I N G & C O U N T E R F I N A N C I N G O F T E R R O R I S M
As part of the transaction, Legat Owen will be required to confirm the identity
of any Purchaser, Purchasing Vehicle and any Beneficial Owners before any
transaction can progress. Further information will be provided to Purchaser’s
upon acceptance of any offer.
VAT
We have been advised that the
property is elected for VAT and as
such, VAT will be payable upon the
purchase unless the transaction
could be treated by way of a TOGC.
E P C
The property has an EPC rating of
C-73. A copy of the certificate is
available from the agent.
F U R T H E R I N F O R M AT I O N
Strictly by appointment with the sole agent Legat Owen.
For further information please contact
JAMES LUTTON
01244 408244
Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. November 2019. RB&Co 0161 833 0555. www.richardbarber.co.uk
LO C AT I O N
S I T U AT I O N
D E S C R I P T I O N
A C C O M M O D AT I O N
T E N A N C Y & T E N U R E
G A L L E R Y
F U R T H E R I N F O R M AT I O N
A E R I A L
F U R T H E R I N F O R M AT I O N