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Accommodation
The property has been measured by BKR Floorplans and provides the following accommodation:
| 2-4 High Street Crawley | ||
| Grounds Floor Gross Internal Area | 2577 sq ft | 239.40 sq m |
| First Floor Gross Internal Area | 1727 sq ft | 160.44 sq m |
| Total | 4304 sq ft | 399.84 sq m |
| 5 Grand Parade, High Street, Crawley | ||
| Grounds Floor Gross Internal Area | 2285 sq ft | 212.28 sq m |
| First Floor (not measured) | – | – |
| 26-28 Station Road, Burgess Hill | ||
| Grounds Floor Gross Internal Area | 1771 sq ft | 164.53 sq m |
| First Floor Gross Internal Area | 796 sq ft | 73.95 sq m |
| Total | 2567 sq ft | 238.47 sq m |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £1,045 + VAT.
EPC
The property has the following EPC ratings
| 2–4 High Street | C | Valid until 15th August 2029 |
| 5 Grand Parade | B | Valid until 9th April 2034 |
| 26–28 Station Road | C | Valid until 13th November 2035 |
Rateable Value
According to the valuation office website the rateable values for the properties are as follows
| Unit | Description | Rateable Value |
| 2-4 High Street, Crawley | Restaurant and premises | £55,500 |
| 5 Grand Parade, Crawley | Restaurant and premises | £52,500 |
| 26–28 Station Road, Burgess Hill | Restaurant and premises | £17,750 |
The business rates multiplier is 55.5 pence / 49.9 pence (for below £51,000).
Tenure
All three properties are held Freehold.
Tenancy
2-4 High Street, Crawley “Taj Mahal”
Let to Mohammed Palash Khan on a full repairing and insuring lease for a term of 5 years from 3rd October 2025, expiring 2nd October 2030.
The current passing rent is £75,000 per annum.
5 Grand Parade, High Street, Crawley “Brewista”
Let to Brewista Crawley Limited from 1st January 2025 until 31st December 2044, with five yearly break options.
The current passing rent is £65,000 per annum.
The tenant is responsible for the repair internally and the shop front (subject to a Schedule of Condition) and pays a fair proportion of maintenance of the property..
The property is sublet to Brewistaa Crawleyy Limited for 5 years from 2nd April 2025 at £65,000 per annum.
26-28 Station Road, Burgess Hill “Thai Green Mango”
Let to Chaiya Ruangkun (t/a Thai Green Mango) under a tenancy at will agreement from 1st January 2025 at a daily rent of £131.51 (£48,000 per annum) + VAT. The tenant has been occupying previously by way of a lease from 14th August 2021 to 14th August 2026.
Terms have been agreed for a new 5 year lease from 1st January 2025, expiring on 31st December 2030 at a rent £48,000 per annum. Please refer to the draft lease, available in the data room.. Completion of the lease renewal will be left to the purchaser to conclude, should they wish to do so.
Therefore, an investor will benefit from a total combined income of £188,000 per annum.
Covenant
2-4 High Street, Crawley trades as The Taj Mahal, a multi-award-winning Indian restaurant renowned for quality, authenticity and customer satisfaction. It’s reputation for excellence is firmly established as it is the oldest restaurant in Crawley, having opened over 56 years ago on 10th August 1969. For further information visit tajmahalcrawley.co.uk.
5 Grand Parade, High Street, Crawley trades as Brewista, a restaurant serving all day breakfast, burgers, chicken and wings. The vibrant dining spot has a growing reputation as a local favourite.
26-28 Station Road, Burgess Hill trades as “Thai Green Mango” a Thai restaurant which is well-regarded for its authentic Thai cuisine and positive customer reviews.
VAT
The properties have not been registered for VAT.
Proposal
We are instructed to seek offers in the region of £1,340,000 (One Million Three Hundred and Forty Thousand Pounds), subject to contract, reflecting an attractive gross initial yield of 14%.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,045 + VAT) and searches (£3,160.46 inc VAT) which are provided in the data room.
Investment Considerations
Opportunity to acquire a high yielding retail/restaurant portfolio;
Attractive South-East locations;
A diversified income stream from three separate established tenants;
A purchase at the asking price represents an attractive initial yield;
Attractive lot size for investors.
Disclaimer
Fixed Charge Receivers Andrew Pear and Milan Vuceljic by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
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