12-14 High Street, Sheerness, ME12 1NJ

  • Investment
  • 3,533 sq ft
  • For Sale
12-14 High Street, Sheerness, Investment For Sale - Main pic.jpg
12-14 High Street, Sheerness, Investment For Sale - 8979972_4847965_photoID_21.jpg
Property Type Investment
Availability For Sale
Size 3,533 sq ft
Price £699,999
Energy Performance Rating Upon enquiry

Prominent retail investment let to established restaurant

Key Features

  • DRAFT DETAILS
  • Prominent corner building
  • Located between the station & the beach
  • Lease expires 2038
  • Rental income: £51,400 pa
  • Recent major fit out by tenant

Location

The property is prominently located at the northern end of the High Street on the corner of Beach Street. Sheerness-on-Sea mainline railway station, providing frequent services to Sittingbourne, is approximately 100m away. Sheerness beach, Tesco's Supermarket, McDonalds, the Sheppey Leisure Complex and various public car parks, are all within walking distance of the property.

Sheerness is some 10 miles north of Sittingbourne on the Isle of Sheppey in the Thames Estuary. The town is accessed via the A249, which links with the A2, M2 and M20 Motorways.

Investment Highlights

  • Recent significant capital investment into fit out by tenant
  • Lease expiry 2038
  • 7 years until tenant's break option
  • Rent: £51,400 per annum
  • Extensive ground floor restaurant with residential upper parts
  • Guide price £699,999

Accommodation

The property comprises a large ground floor restaurant which has been extended into the adjoining No 10 High Street (under separate ownership) together with first and second floors which are being used for residential purposes. The current tenant has made a signifcant investment into the fit out of the restaurant which now provides an extensive buffet servery, open kitchen area and seating for over 200.

A detailed inspection of the accommodation has not yet been possible. However, from information provided (including the VOA), we understand the property has the following floor areas:

 

Ground floor: 1,714 sq ft 159.20 sq m
First floor: 1,072 sq ft 99.6 sq m
Second floor: 747 sq ft 69.4 sq m

 

We are informed that the first and second floors are used as residential accommodation.

 

Tenancy

The entire property is let for a term of 21 years from 31 October 2017 on full repairing and insuring terms to Changming Lu on an assignment in August 2019. The tenant has an option to break on 31 October 2027. The lease has been contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The lease contains a provision for the tenant to reinstate the former boundary wall with No 10 High Street.

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