LOCATION The venue is situated in an established eating, drinking and retail location of central London close to Paddington Station and other operators such as Burger King, Costa, Garfunkel’s, KFC, McDonald’s and Subway.
DESCRIPTION The ground floor provides a large service counter, refrigerated displays and approximately 16 seated covers. The basement houses a walk-in freezer, refrigeration, a prep area, stores and an office. The approximate GIAs are:
|Ground||484 ft² / 44.92 m²|
|Basement||377 ft² / 34.99 m²|
|Total||861 ft² / 79.91 m²|
The demise also incorporates separately accessed residential uppers that comprises 2 studios and 3 further rooms that share a kitchen and bathroom. Please note that the premises have not been formally measured and any prospective purchasers will need to satisfy themselves as to the exact dimensions.
BUSINESS RATES The VOA website advises that the current rateable Value is £50,500 which at the small business multiplier of 49.1 p in the £ gives rise to rates payable of approximately £24,800 for 2019 / 2020 excluding supplements or any relief.
TENURE The property is available by assignment of the existing 15 year fully repairing and insuring lease from 6th March 2015, with 5 yearly rent reviews and at a rent of £80,000 per annum. The net rent for the ground and basement is approximately £45,000 accounting for income from the residential and the next review is on 6th March 2020. The lease is contracted outside the security of tenure provisions of The Landlord & Tenant Act.
PRICE Our clients are seeking premium offers in the region of £50,000 subject to contract, for their lease and all fixtures & fittings.
HOLDING DEPOSIT A holding deposit will be required to secure the property; the deposit will buy a period of exclusivity and will be held in the Selsian client account. Further details upon application.
PLEASE NOTE All figures quoted are exclusive of VAT which could be chargeable on the rent, rent deposit and premium / price, no services or equipment have been tested, an EPC is available upon request, possession will be granted only upon completion of the legal formalities and each party is to bear their own legal costs
For further information or to view contact: Stephen Bagatti – email@example.com – 07594 097 078