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Freehold Investment Sale

53 ST PETER’S STREET, CANTERBURY, KENT CT1 2BE


Client

Family Office

Property

Freehold Investment Opportunity

Project Summary

Strettons were instructed jointly with HRH Retail to market this prime freehold investment in the historic city of Canterbury which is a popular university and tourist destination.

Our Asset Management Team advised our client ahead of a sale to re-gear the lease which took the fairly short term remaining on the lease of 4 years at the time, to a term of 18 years without a break option for the tenant. This term of 18 years is unusual and allowed a premium price to be obtained.

The property provides a well configured double fronted restaurant with approximately 160 covers along with ancillary accommodation for storage and staff situated at second-floor level. An extensive private garden to the rear also provides an additional 50 covers.

The entire property was let to Azzurri Restaurants Limited on a 25-year full repairing and insuring lease from 25th June 1995, expiring 24th June 2020, with a current passing rent of £110,250 per annum.

There is a new 15-year reversionary lease in place from expiry with 5 yearly upward only rent reviews, giving over 18 years term certain.

Offers in excess of £2,075,000 were sought, and a sale price of £2,440,000 was achieved, representing a net initial yield of 4.25%.

Nick Duck

020 7907 7422
nick.duck@strettons.co.uk

James Bacon

020 8509 4431
james.bacon@strettons.co.uk