SOUTHEND-ON-SEA – McDONALDS
EXECUTIVE SUMMARY
100% prime restaurant investment with underutilised upper parts.
Located in Southend-on-Sea which attracts over 7m tourists per year and is a vibrant commuter town less than an hour from London by train.
Neighbouring occupiers include 02, Vodafone, Costa Coffee, Metro Bank, HSBC, WHSmith and Boots.
A double frontage property of 6,931 sq ft NIA.
Freehold.
Let to McDonald’s Real Estate LLP (D&B 5A 1) until 22nd Nov 2025 (3.9 years unexpired) at a rent of £200,000 pa reflecting just £28.86 per sq ft (overall).
McDonalds have been in occupation since 1990 and the unit trades very well.
Opportunity for a lease regear and a comprehensive refurbishment and change of use of the upper floors which are in poor condition and underused by the tenant (subject to planning and negotiations with the tenant).
Offers are sought in excess of £2,500,000 (Two Million Five Hundred Thousand Pounds) reflecting an attractive Net Initial Yield of 7.52% and a low capital value of £361 per sq ft (assuming purchaser’s costs of 6.38%).
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Barry Marshall