LOCATION The venue is located on Westbourne Grove, which is an established eating & drinking location of central London. It’s approximately 300m away from the Whiteley’s development http://www.whiteleysdevelopment.co.uk/development.php and 500m away from Bayswater Underground Station. Nearby operators include Costa Coffee, Gails, Gourmet Burger Kitchen, Jo & The Juice, Masala Zone, Nando’s, Patisserie Valerie and The Banana Tree.
DESCRIPTION Since being established, this restaurant has built up a strong regular customer base and a solid trade. It is fully fitted as an Aegean barbecue restaurant, with live cooking and is arranged on the ground floor and basement. It is laid out to provide approximately 40 covers internally and 6 externally, on licence from the council. The approx. GIAs are:
|Ground||698 ft² / 64.88 m²|
|Basement||521 ft² / 48.36 m²|
|Total||1,219 ft² / 113.24 m²|
PREMISES LICENCE The premises are licensed for alcohol sales Monday to Saturday between the hours of 11:00 to 23:00 and on Sunday between the hours of 11:00 to 22:30.
BUSINESS RATES The VOA website advises that the current rateable Value is £28,923 which at the small business multiplier of 49.1 p in the £ gives rise to rates payable of approximately £14,299 for 2019 / 2020 although further concession may also be available. Potential purchasers are advised to make their own enquiries in this regard.
STOCK All wet and dry stock will be purchased at cost and calculated on the day of completion.
TERMS The property is available by way of a sublease contracted outside the security of the Landlord & Tenant Act, for a term to expire on 29th September 2034 and at a rent of £50,000 per annum exclusive. There are to be RPI indexed rent reviews in September 2022, 2026 & 2030. Our clients are seeking premium offers of £170,000 subject to contract, for the lease, licence and all fixtures & fittings. Alternatively, our client will consider a sale of their head lease for £250,000, which is at a rent of £25,000 per annum.
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.
THIS IS AN EXTREMELY CONFIDENTIAL DISPOSAL AND FOR FURTHER INFORMATION PLEASE CONTACT:
Stephen Bagatti – firstname.lastname@example.org – 07594 097 078