FREEHOLD CAFE BAR & RESTAURANT INVESTMENT with Self Contained Residential Upper Parts
Impressive Grade II* Georgian Building GROUND FLOOR & BASEMENT LET TO LOUNGERS LTD to April 2017 Turnover £91,752,588 Pre Tax Profit £3,186,658
We are seeking offers in the region of £1,500,000 which shows an initial yield of 5.08%.
is located in Witham.
CAFÉ BAR & RESTAURANT
RESIDENTIAL UPPER PARTS
I N V E S T M E N T F E AT U R E S
Impressive Grade II* Georgian
Building formerly a substantial
HSBC Bank branch.
Ground Floor & Basement let to
Loungers Ltd., (Experian Rating
95 - very low risk), t/a Valero
Lounge on a 15 year lease from
01.05.2018 at an initial rent of
£52,000 per annum exclusive from
01.11.2019, subject to upward only
rent reviews every 5 years.
Upper floors arranged as 4
self-contained flats which are
occupied on ASTs, producing
£27,420 per annum.
Ground Floor Area 241.08 sq. m.
approx. (2,595 sq. ft.).
57 NEWLAND STREET , WITHAM ESSEX CM8 2BE
FREEHOLD INVESTMENT FOR SALE
Our client is seeking offers in
the region of £1,500,000,
subject to contract, for their
freehold interest with the
benefit of and subject to the
existing tenancies which
shows an initial yield of
5.08% after allowing for
purchaser’s acquisition costs.
L O C AT I O N :
The prosperous town of Witham is situated in the heart of
Essex and lies immediately adjacent to the A12 (T). It has a
resident population of circa 27,000. The busy town centre
is focused around the High Street (Newland Street) and the
two shopping precincts Newland Shopping Centre & The
Grove Centre. There are a range of small shops, restaurants,
pubs, major high-street banks and several national
commercial chains. The town also has four supermarkets.
A number of affluent villages are a short drive away.
The ground floor and basement is let to Loungers Ltd. by
way of an effective full repairing and insuring (FRI) lease for
a term of 15 years from 1st May 2018, at an annual rent of
£52,000 per annum, exclusive of rates, service charge and
VAT. The rent commencement date is the 1st November
2019 and the rent is subject to upward only review every
5 years of the term.
The subject property occupies a prominent position on
Newland Street with nearby occupiers including Barclays
Bank, McColl’s & Prezzo.
R AT E A B L E VA L U E :
The ground floor and basement appears in the 2015
Valuation List with an RV of £40,250.
C O V E N A N T I N F O R M AT I O N :
Loungers Ltd. is a Private Limited Company incorporated in
2002 and has an Experian rating of 95 representing a
VERY LOW RISK.
The four flats are let on Assured Shorthold Tenancies
currently producing £27,420 per annum.
A fine 18th Century red brick former residence, arranged
over 3 storeys and a basement, which is Grade II* listed for
its exceptional historic and architectural significance.
The upper floors comprise four self-contained flats whilst
the ground floor and basement was recently converted from
its former bank use to the current Valero café bar business.
A new rear extension to the main body of the ground floor
was added by the landlord as part of the negotiations in the
letting to Loungers.
At the rear there is outdoor seating for 60+ covers and
some car parking.
A C C O M M O D AT I O N :
The approximate gross internal floor areas are as follows:Basement ..................................................166.3 sq. m. (1,790 sq. ft.)
Ground Floor Cafe Bar.................... 241.08 sq. m. (2,595 sq. ft.)
First Floor / Second Floor......................................... Not Inspected
To April 2017 the business had an annual turnover of
£91,752,588 and a pre-tax profit of £3,186,658
(2016: £1,206,462, 2015: £1,700,000). It was the fastest
growing UK pub group in terms of turnover in 2017
(source the Morning Advertiser pub trade publication).
It launched its 100th site in 2018.
E N E R G Y P E R F O R M A N C E C E R T I F I C AT E :
An EPC can be provided upon request.
Strictly by appointment through:
17-19 Richmond Road,
Chelmsford, Essex, CM2 6UA
T: 01245 46 50 60
F: 01245 46 50 63
01245 465060 or
Misrepresentation Act: The particulars in this brochure have been
produced in good faith, are set out as a general guide and do not
constitute the whole or part of any contract. All liability, in
negligence or otherwise, arising from the use of the particulars is
Each party to bear its own legal costs arising out of the
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