The property has been measured by BKR Floor Plans and provides the following floor areas:
|50.35 sq m
|542 sq ft
|60.57 sq m
|652 sq ft
|54.07 sq m
|582 sq ft
|13.84 sq m
|149 sq ft
|Total Net Internal Area
|178.83 sq m
|1,925 sq ft
|Total Gross Internal Area
|194.35 sq m
|2,092 sq ft
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 £570 + VAT.
Long leasehold interest for a term commencing on 12th February 2018 and expiring on 20th December 2187 (approximately 164 years unexpired) at a peppercorn rent.
The property is let to KBeverage Limited (t/a Starbucks) on a full repairing and insuring lease for a term of 10 years from 27th October 2023, expiring on 27th October 2033 (9.75 years unexpired).
The current passing rent is £40,000 per annum. The lease is subject to five yearly open market rent reviews, capped at 1% per annum (minimum increase £42,040 per annum) and collared at 2.5% per annum (maximum increase £45,256 per annum).
The tenant benefits from a 12 month rent free period expiring on 27th October 2024. The vendor will ‘top-up’ the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
The tenant paid the landlord a £40,000 capital contribution towards the store’s fit-out works.
The service charge payable by the tenant is fixed at £3,500 per annum plus VAT for the first five years of the lease term and £4,000 per annum plus VAT for the next five years.
KBeverage Limited was established in 2015 as a Starbucks franchisee to develop Starbucks stores. The company has over 20 stores throughout Norfolk, Suffolk, Cambridgeshire, Lincolnshire, Nottinghamshire, Leicestershire, Warwickshire and Northamptonshire. KBeverage plans to open 100 stores within the next five years. For further information visit www.kbeveragegroup.com.
For the year ending 31st May 2022 the Kbeveridge Limited reported Shareholders’ Funds of £3,928,900.
Starbucks is the premier roaster, marketeer and retailer of specialty coffee in the world, operating from more than 36,000 stores in 84 markets. Formed in 1985, Starbucks Corporation trades on the NASDAQ. The company purchases and roasts high-quality coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of high-quality food items through company-operated stores. It also sells a variety of coffee and tea products and licenses its trademarks through other channels, such as licensed stores as well as grocery and foodservice through their Global Coffee Alliance with Nestlé. In addition to their flagship Starbucks Coffee brand, the company sells goods and services under brands such as Teavana, and Ethos Water. For further information visit www.starbucks.com.
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £545,000 (Five Hundred and Forty-Five Thousand Pounds), subject to contract, reflecting a net initial yield of 7.0%, assuming purchasers’ costs of 4.87%.
Please note that a purchaser will be re-charged the costs of the measured survey (£570 + VAT) and searches (£xxx) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
The property is situated in an affluent location within the London commuter belt;
Newly developed in 2020;
Let to KBeverage Limited, an established Starbucks franchisee;
New 10 year lease from October 2023, without breaks;
Highly prominent corner position in the heart of the town centre, at the entrance to the Garden Square Shopping Centre;
Attractive lot size to an investor;