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1-2 Villiers Buildings, Buckingham Street, Aylesbury, Buckinghamshire, HP20 2LE
Guide Price* : £450,000
Town Centre Restaurant Investment
- Prominent restaurant investment
- Let to secure local covenant with 15 years unexpired
- Existing restaurant has traded from the premises since 1972
- Annual rent of £36,000
- Guide Price of £450,000 reflects 7.66% NIY
Description
The property comprises a prominent restaurant premises occupying a corner site in the centre of Ayelsbury. The premises has not been vacant since the current restaurant commenced trading in 1972.
There is dining accommodation to the ground floor of approximately 30 covers with a bar area, and a kitchen to the rear.
The upper parts provide staff accommodation in the form of bedsits and comprises four bedrooms, two bathrooms, a shower room and storage.
There is a small yard to the rear with parking, as well as two garage units which are used for storage and as a cold store.
Location
Aylesbury is a large market town and the County town of Buckinghamshire.
The property is situated on a prominent corner site at the junction of Buckingham Street and Kingsbury and is immediately to the north of the town centre. The street itself enjoys high rates of footfall due to the large Sainburys opposite, which is the largest supermarket in the Town Centre. The street is popular with fast food, hot takeaway and restaurant traders with a variety of local covenants as well as the national brands of KFC, Papa Johns, Pizza Hut.
Tenure
Freehold
Tenancy
The property is let on an effective full repairing and insuring (FRI) lease for a term of 20 years from 25 November 2016 and producing a rent of £36,000 per annum. There are therefore 15.5 years unexpired.
The lease is within the 1954 Act and is subject to 5 yearly upward only rent reviews, with the first falling in November 2021.
A three month rental deposit is held.
Tenant Information
The current lease is to an individual who took over the restaurant business in 2008 and subsequently renewed in 2016. However the Golden Bengal restaurant has been trading from the premises since 1972. It is therefore a mainstay in the local community and we consider the fundamental security of the tenant to be very good for this reason.
There are no rent arrears with the tenant trading successfully via takeaway through Covid-19 restrictions. There have also been no periods of arrears in the past 20 years.
VAT
We understand the property has been elected for VAT. It is envisaged the sale will be dealt with as a TOGC
Accommodation
| Address | Accommodation | Sq M | Sq Ft |
|---|---|---|---|
| 1-2 Villiers Buildings | Dining Area | 61.72 | 664 |
| Kitchen | 18.87 | 203 | |
| Bedroom 1 | 9.26 | 100 | |
| Bedroom 2 | 23.27 | 251 | |
| Bedroom 3 | 9.16 | 99 | |
| Bedroom 4 | 9.16 | 99 | |
| Total | 131.44 | 1,416 |
Contact
Vendor's solicitor
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Office Contact
Vendors Solicitor
Agreement Documents
Additional Documents
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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