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201 High Street, Southend-On-Sea, SS1 1LL Long Let Leisure Investment Opportunity with Planning Consent for 9 Flats Above 201 High Street, Southend-On-Sea, SS1 1LL

201 High Street, Southend-On-Sea, SS1 1LL Long Let Leisure Investment Opportunity with Planning Consent for 9 Flats Above 201 High Street, Southend-On-Sea, SS1 1LL

201 High Street, Southend-on-Sea, SS1 1LL Long let leisure investment opportunity with planning consent for 9 flats above 201 High Street, Southend-on-Sea, SS1 1LL

SOUTHEND’S

LONGEST PLEASURE ADVENTURE SEA LIFE THE THE ROYALS SOUTHEND UNIVERSITY SOUTHEND SUBJECT PROPERTY IN THE WORLD LAND ADVENTURE SHOPPING CENTRE CENTRAL OF VICTORIA

WARRIOR SQUARE

A1160

VICTORIA COURT MUSEUM

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CENTRE PLACE FAMILY CENTRE NURSERY

For indicative purposes only. 201 High Street, Southend-on-Sea, SS1 1LL INVESTMENT CONSIDERATIONS

• The property comprises a ground floor leisure unit with planning for 9 residential flats above • We are instructed to seek offers in excess of £1,900,000 (One Million, • The commercial unit is let to Turtle Bay Restaurants Limited for a term of 20 years Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT, expiring May 2039 with no breaks which reflects a NIY of 6.5% for the leisure unit and only £35 psf on the • Freehold consented first and second floor development • Southend is an affluent commuter with excellent links to Street and London Fenchurch Street • Turtle Bay has a passing rent of £113,500 per annum • The property is centrally located, less than 0.3 miles from both Southend Central and Southend Victoria train stations

CGI of Proposed Development A5 A505 A418 Stansted Luton Bishop’s A5 A120 Braintree Knebworth Stortford A10 A418 A602 A5 A131 Welwyn Garden A10 A41 City 201 High Street, A414 A130 A41 Hatfield Southend-on-Sea, SS1 1LL A4010 M10 A41 A414 ( ) J21 A1 M A414 M25 Chipping J20 Epping J23 Ongar J19 J25 J27 A404 A4010 M25 A1 Enfield High M1 M11 A10 M40 Wycombe A355 South Brentwood A413 Oxney J28 M40 M25 M1 A12 Harefield Harrow Brent M40 J29 A127 Ruislip Cross A130 A404 J16 Holloway A12 A40 Wembely Uxbridge Stratford A13 M25 A40 SOUTHEND- LONDON A13 M25 ON-SEA M4 J15 M4 M4 Fulham Windsor Hounslow Heathrow Clapham M4 M25 Richmond A20 Staines A316 Kingston Ashford J2 A2 Upon Thames A20 A309 J12 M3 A3 Bromley A23 Tolworth J3 Gillingham A322 M3 Rochester Weybridge A24 Croydon A232 M2 M25 Chessington Sutton M20 A21 A3 A243 M3 A217 J10 A24 M25 A23 J9 A22 J5 M26 A3 A217 A229 M25 A26 A331 M25 J8 J7 J6 A24 Oxted A21 M23 A3 A31 Redhill A22 A229 LOCATION A26 A31 A24 A21 M23 A3 HorleyThe popular seaside town of Southend-on-SeaPaddock is situated within the Royal Wood A22 Staplehurst Gatwick of Essex locatedTunbridge approximatelyA21 39 miles (62 km) east of A264 Wells A26 A229 A24 ThreeLondon, Bridges 19 miles (30 km) south of Chelmsford and 20 miles (32 km) A3 M23 North A21 A264 east of Brentwood. Road access to Southend is provided by the A127 A26 A22 A12 A3 A229 7 B Horsham Victoria 1 dual carriageway which in turn, provides access to Junction 29 of the 0 B

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t h A26 v t A21 A l levue e o r v i M25, approximately 20 miles (32 km) to the west. s n e t

SOUTHEND Boscombe Rd Boscombe R c A24 R d B h VICTORIA A13 Q d ue o u y en Rd sWa sW u r en c e ay r u n Q h e A22 R 3 A13 Q m 1 u d Haywards A eensWay is located 1.5 miles (2.4 km) to the north of o

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t A23 Heath h Christchurch P The Victoria a Park r Shopping Centre k the town centre, providing regular flights to a number of European Lon R A24 don Lo d ndon R (670 CPS) d A 1 3 h Rd S Southchurc A22 outhchurch A13 Rd

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St h Cap e Bus Station enc ve A e Clar ate A g v l Hey T e e Clarence St r affordable places for London commuters to live when taking into r te Ave a Car Park Heyga c Woodgrange Dr Alexand e r C a R H d a St r i d h n R Alexa g Rd nsWay u o r e Alexandra h hancello ue r C y Q St c account house prices and train season tickets. a 60 St h A 11 l Herbe R Car Park Gardens d Royals Mews Shopping Centre A r C A li to t Grov wn Parade 1 1 r

(450 CPS) n H 6 Southend provides regular rail services (6 per hour at peak times) to a 0 o l r d t e in S Southend g o A t u v

o e t Cli Gardens h Pi n e c r H R h London Liverpool Street with a fastest journey time of 58 minutes and ill d Luc u y R r d c

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v THE Mar e Southend Central provides frequent services (9 per hour at peak times) ine Parade KURSAAL Adventure d Beres ford Rd Ea R Island ste h to London Fenchurch Street, with a fastest journey time of 51 minutes. r c n Esp a la e na B de Southend B The subject property is 0.2 miles (0.3 km) from Southend Victoria and 10 Pier 16 Sea Life Adventure 0.3 miles (0.5 km) from Southend Central.

Road Southend Victoria Southend Central London Southend Airport M25 20 miles (32 km) London Liverpool Street London Fenchurch Street Flights to Europe London 39 miles (62 km) 58 minutes 51 minutes 1.5 miles (2.4 km)

Fastest journey time, source: •••••••••• Southend-on-Sea

201 High Street, Southend-on-Sea, SS1 1LL

SITUATION The property is located in the of Southend-on-Sea on the west side of the pedestrianised high street, adjacent to the town’s principle public square and the Victoria Shopping Centre. Both Southend Central and Southend Victoria train stations are less than a five minute walk away, whilst Southend-on-Sea’s famous pier is a 10 minute walk to the south. The surrounding area is a popular leisure and retail location intertwined with residential flats and houses. Odeon Cinema is located across the square moments from the subject property and other occupiers in the surrounding area include Burger King, Holland & Barrett, Sports Direct, Starbucks, McDonald’s and Superdrug.

DESCRIPTION The property comprises a prominent two storey corner building SUBJECT PROPERTY arranged over ground and first floors. The majority of the ground floor provides restaurant accommodation with ancillary space to part of the first floor. The remaining first floor space is currently vacant and has planning permission to be converted into residential accommodation.

TENURE Freehold.

ACCOMMODATION*

Floor Sq Ft Sq m

Ground Floor Restaurant Turtle Bay 3,700 344

First Floor Ancillary Turtle Bay 355 33

First Floor Vacant Space** 3,980 371

*Measurements have been provided by the vendor, any interested party should carry out their own due diligence. **Please note this includes a small ancillary ground floor area with cycle storage.

Experian Goad Plan Created: 06/06/2019 50 metres Created By: Allsop

Copyright and confidentiality Experian, 2019. © Crown For more information on our products and services: copyright and database rights 2019. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 201 High Street, Southend-on-Sea, SS1 1LL

CGI of Proposed Development

GROUND FLOOR TENANCY COVENANT INFORMATION

The majority of the ground floor and part of the first floor is let on Founded in 2011 by the co-founder of Las Iguanas, Turtle Bay is a new FRI lease to Turtle Bay Restaurants Limited for a term of a Caribbean inspired restaurant chain with restaurants in both the 20 years, with no break, from 14th May 2019 at a passing rent of UK and Europe. Its first site was opened in Milton Keynes and has £113,500 per annum. The lease benefits from five yearly upwards since expanded to 44 sites across the UK with a further two sites in only rent reviews to Open Market Rent with the first in 2024. The Germany. In 2013 customer brands specialist Piper invested £6m tenant has agreed a two year rent free period which will be topped into Turtle Bay contributing to the company’s continued expansion. by the vendor at completion. Turtle Bay Restaurants Limited has a D & B rating of 3A1 and has the following financial information: UPPER FLOORS RESIDENTIAL SCHEME 01/03/16 25/02/17 24/02/18 Planning permission was granted in May 2018 for the change of use Turnover £47,036,361 £63,693,415 £68,098,923 of the first floor to residential and the addition of a second storey. The majority of the first floor is currently vacant and measures 3,980 sq ft Pre – Tax profit £7,559,957 £8,201,738 £5,903,401 (370 sq m), including a small ancillary ground floor area with cycle Total Net Worth £3,635,925 £4,090,268 £8,678,195 storage. In total the proposed upper floors will measure 7,375 sq ft (685 sq m), inclusive of the ground floor ancillary space. The full planning application can be found on the Southend-on-Sea planning website under the reference 18/00485/Ful. Purposed Scheme: • 7 x One Bedroom Flats of approximately 550 sq ft (51 sq m) • 1 x Two Bedroom Flats of approximately 740 sq ft (69 sq m) • 1 x Three Bedroom Flats of approximately 968 sq ft (90 sq m) Please see proposed floor plans on page 7. Existing unit 201 High Street, Southend-on-Sea, SS1 1LL

PROPOSED FLOORPLANS

Storage 1 Bedroom 2 2 3 4

Storage Storage Bathroom FLAT1 Storage

Bathroom Storage Bathroom FLAT3 FLAT2 Bedroom 1

Bathroom BATH Storage Storage Storage 5.2m 2 Storage

FLAT4 Storage

KLD Bedroom1 2 23 .3m Bathroom Storage Kitchen-living-dining Bedroom Kitchen-living-dining

BED Storage 12 .8m 2 Kitchen-living-dining

Kitchen-living-dining

Bedroom

Storage Bedroom2

Bedroom3

First Floor

9 FLAT9 Bathroom 5 6 7 8 Storage Storage Storage Storage Storage

FLAT5 Kitchen-living-dining FLAT6 FLAT7 Kitchen-living-dining FLAT8

Bedroom Bathroom Bathroom Bathroom Kitchen-living-dining

Storage Bathroom Kitchen-living-dining

Storage Storage Storage Storage Kitchen-living-dining

Bedroom Bedroom Bedroom Bedroom

Terrace Terrace Terrace Terrace Terrace

Second Floor VAT EPC The property is elected for VAT. It is anticipated that Available upon request. the sale will be treated as a Transfer of a Going Concern (TOGC).

DATAROOM For Access to the Allsop dataroom please use the following link: http://datarooms.allsop.co.uk/register/SouthendTurtleBay.

PROPOSAL We are instructed to seek offers in excess of £1,900,000 (One Million, Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a NIY of 6.5% for the leisure unit and only £35 psf on the consented first and second floor development

For further information or to make arrangements for viewing please contact:

Liam Stray Henry Tye 020 7543 6769 020 7543 6737 [email protected] [email protected] allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.19

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