FOR SALE HIGH QUALITY/LEISURE INVESTMENT - BURGER KING AND FRANKIE & BENNY'S FERRYMUIR, SOUTH QUEENSFERRY, EDINBURGH EH30 9QU
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FOR SALE HIGH QUALITY/LEISURE INVESTMENT BURGER KING AND FRANKIE & BENNY’S FERRYMUIR, SOUTH QUEENSFERRY, EDINBURGH EH30 9QU
INVESTMENT SUMMARY
Total Passing rent of £173,850 per annum
Attractive net initial yield of 7.02%
Let to The Restaurant Group UK Limited t/a
Frankie & Benny’s and Burger King Limited
2 x FRI Lease expiring in May 2027
(No Breaks)
Superb location situated adjacent the Forth
Road Bridges
Prominent leisure location benefitting from
high volumes of passing traffic
Offers in excess of £2,340,000 (Two Million
Three Hundred and Forty Thousand Pounds
Sterling) representing a Net Initial Yield of
7.02%
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 1
LOCATION
Edinburgh is the capital city of Scotland, located
approximately 400 miles north of London
and 45 miles east of Glasgow. It is one of the
six cities categorised by PMA as a major city
and, consequently, benefits from a significant
catchment population.
Road communications are excellent with the
M90 located to the north, the M8 and M9 to the
west and the A1 trunk road to the south which
provide links to all major cities in the UK. The city
is well served by the rail network, with direct and
frequent services to London (Euston and Kings
Cross) and Glasgow with fastest journey times of
approximately 4 hour 50 minutes and 51 minutes
respectively. Edinburgh also benefits from one of
Britain’s fastest growing airports, providing both
FERRYMUIR
domestic and international flights.
South Queensferry is located approximately 10
miles to the north west of the Edinburgh city
centre, overlooking the Firth of Forth and the
famous Bridges. South Queensferry is a popular
commuter town given its excellent road links and
has expanded significantly over the past 10 years.
It now has a population of around 12,000 persons.
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 2
SITUATION
Ferrymuir Retail Park is a high profile
commercial location immediately
to the south of the Forth Road
Bridge and to the east of the M90
motorway.
The immediate locality benefits
from excellent amenities and the
Local occupiers include a Tesco
Superstore, Dakota Hotel, Premier
Inn, Shell Petrol Filling Station and
McDonalds.
NORSEMAN HOUSE
WESTCOTT HOUSE
M90
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 3
36
DESCRIPTION 6
27
RESTAURANT UNIT - FRANKIE & BENNY’S
11
A800
The subjects comprise a modern single storey purpose 0 F
ERR
1
Y
built unit of steel frame construction with sandstone MU
IR R
OA
cladding under a pitched and slated roof. The property is D
fitted out in the corporate style of the tenant, Frankie &
Benny’s.
DRIVE THRU’ RESTAURANT UNIT - BURGER KING
The subjects comprise a modern single storey purpose
built unit constructed of part clad and part profile sheet
metal cladding under a flat metal roof. The property is 1
fitted out in the corporate style of the tenant, Burger King
and also operates as a drive thru’ facility.
1
SC
OT G
S T RE
OU EN
N
NORSEMAN HOUSE
ACCOMMODATION 2
We would advise that the units have the following
approximate net internal areas:
M90
TENANT AREA (SQ FT) AREA (SQ M)
1. Burger King 3,550 329.79
2. Frankie & Benny’s 3,645 338.62 4
WESTCOTT HOUSE
1. Area stated in lease and is assumed for rent review purposes.
2. Area as agreed at the last rent review.
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 4
TENURE
The properties are held on a heritable title (Scottish equivalent of English Freehold).
TENANCIES
TENANT LEASE TERM TERM START TERM END DATE NEXT REVIEW REVIEW FREQ FLOOR AREA/ PASSING RENT RATE /SQFT
DATE DATE SQFT
* Burger King Ltd 25 29/05/2002 28/05/2027 ** 29/05/2012 5 years 3,550 £90,000 £25.35
The Restaurant 25 17/06/2002 16/06/2027 17/06/2017 5 years 3,645 £83,850 £23.00
Group UK Ltd
*Sub-let to Caspian Food Retailers Ltd
**In negotiation
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 5
COVENANT
THE RESTAURANT GROUP UK LIMITED
The Restaurant Group operates over 400 restaurants and pub restaurants. The principal brands are Frankie & Benny’s, Chiquito, Coast to Coast, Home Counties Pub Restaurants and Branning
& Price.
The Restaurant Group UK Limited have a Dun & Bradstreet rating of 5A1. For the year ending 1 January 2012 the company reported Sales Turnover in excess of £376m, Profit in excess of
£48m and Tangible Net Worth in excess of £61.1m. The last three reported abbreviated accounts are shown below.
YEAR TO 30 DEC 2012 YEAR TO 1 JAN 2012 YEAR TO 2 JAN 2011
Sales Turnover £416,107,000 £376,438,000 £356,167,000
Profit before Taxes £58,701,000 £48,796,000 £49,629,000
Tangible Net Worth £73,097,000 £61,193,000 £57,817,000
BURGER KING LIMITED
Burger King is a global chain of fast food restaurants established in 1953 and now has over 12,000 stores in 73 countries worldwide. Burger King have a Dun & Bradstreet rating of N2 and a
lower than average risk of business failure. For the year ending 31 December 2011 the company reported Sales Turnover in excess of £81m. This compares to a turnover of £59m for the
financial year ending 30 June 2010. The last three reported abbreviated accounts are shown below.
YEAR TO 30 DEC 2011 YEAR TO 30 JUNE 2010 YEAR TO 30 JUNE 2009
Sales Turnover £81,829,000 £59,048,000 £58,691,000
Profit/Loss before Taxes £(9,624,000) £(6,253,000) £(7,486,000)
Tangible Net Worth £(17,057,000) £(9,510,000) £(17,362,000)
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 6
FERRYMUIR | SOUTH QUEENSFERRY, EDINBURGH EH30 9QU 7
EPC RATING VAT
We would advise that the properties Our clients have elected to waive
have an Energy Performance Rating of: exemption for VAT and accordingly VAT
Burger King: G will be payable on the purchase price,
although we anticipate the sale will be
Frankie & Benny’s: G
dealt with by way of a Transfer of Going
Concern (TOGC).
PROPOSAL
We are instructed to seek offers in
excess of £2,340,000 (Two Million
LEGAL COSTS
Three Hundred and Forty Thousand Each party will be responsible for their
Pounds Sterling exclusive of VAT for own legal costs incurred in connection
our client’s heritable interest subject to with the transaction.
and with the benefit of the existing lease.
A purchase at this level would show
an attractive net initial yield of 7.02%
allowing for purchasers costs of 5.8%.
The sale is on behalf of Administrators.
VIEWING & FURTHER INFORMATION
STEWART SHERIDAN/CATHAL KEANE
Sheridan Property Consultants
37 One, 37 George Street, Edinburgh EH2 2LT
T: 0131 300 0296
E: stewart@sheridanproperty.co.uk
M: 07740 940898
E: cathal@sheridanproperty.co.uk
M: 07808 627224
DISCLAIMER
Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute
part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of
fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this
property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate. JANUARY 2014
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