Acting on behalf of Evolve Estates, Clifton Agency have successfully completed a lease re-gear to McDonald’s at 36-37 High Street in Chelmsford.
McDonald’s Restaurants Limited have taken a new 15 year lease (subject to a 10th year break option) at £250,000 per annum, subject to only 6 months’ rent free.
Previously the unit had less than 3 years term certain to McDonalds Real Estate LLP. The lease regear has enabled our clients to significantly increase their book valuation by extending the unexpired lease term, whilst securing McDonald’s stronger parent company covenant.
Ben Simpson commented:
“Having recently sold the adjacent unit at 38 High Street to Metro Bank and the letting of a previously vacant unit to Wingstop Restaurants, our clients are well ahead of schedule with their asset management plan, following their successful acquisition of the wider Grays Brewery Yard block from institutional owners back in February 2023.
Clifton Agency now marketing the newly let Wingstop Restaurant for sale with 15 years term certain on a new Virtual Freehold interest.
For further information regarding our in-house asset management expertise or to receive the Wingstop investment details, please contact Clifton Agency or our joint agents at Prime Retail.
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