LOCATION Crystal Palace is a popular and trendy South London Suburb that has seen a renaissance over recent years with many independent hospitality and catering retailers populating the town. These include Caffè Nero, Everyman Cinema, Four Hundred Rabbits, Yard Sale Pizza and the long standing Joanna’s, along with a number of gastro pubs such as The Alma, The Sparrowhawk, Westow House (Antic) and The White Hart.
Crystal Palace is approximately 6 miles South of Central London whilst Crystal Palace Station provides mainline service into London Victoria and London Bridge with a fastest journey time of 25 minutes and London Overground services linking it directly to the London Underground network.
DESCRIPTION The restaurant is fully fitted to a high standard with the ground floor comprising approximately 70 spacious covers, WCs, bar and fitted commercial kitchen with extract. The external terrace can be found to the rear of the lower ground floor (housing approximately 60-70 seated covers) along with further fitted kitchen space which is suitable for a dark kitchen. The property affords the following approximate GIA:
|Lower Ground||2,167 ft² / 181.56 m²|
|Ground||1,954 ft² / 181.56 m²|
|Total||4,121 ft² / 382.89 m²|
|Lower Ground External Terrace *||1,500 ft² / 139.35 m²|
Further lower ground floor prep and admin space can be made available for extra rent and extends to approximately 620 ft² / 57.6 m². Further details are available upon application.
* Please note we have not formally measured the external terrace and interested parties should satisfy themselves on the floor areas. Floor plans are available upon request.
BUSINESS RATES The VOA website advises that the current rateable Value is £41,563 including the extra lower ground floor space. This gives rise to a rates payable figure of approximately £7,000 (excluding supplements) for the year to April 2022. This incorporates the discount provided to hospitality venues to aid recovery from Covid-19. Interested parties should satisfy themselves at to the business rates situation.
TENURE The property is available for nil premium on a new effective FR&I underlease at a rent of £58,000 per annum exclusive for a term expiring on 24th October 2032 and will incorporate regular geared upward only rent reviews.
Alternatively, our clients will consider a full assignment of their lease for the restaurant, for a premium of £95,000, subject to contract. In this case the headlease rent will be £48,000 per annum exclusive but please note this excludes the extra basement space. This rent is due to be reviewed on 24th June 2022. In this instance, the adjacent retail lease is also available which has 2 sublets and shows a profit rent of £10,000 PA. 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, no trade is sold or warranted, 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 UNDER NO CIRCUMSTANCES IS ANY APPROACH TO BE MADE DIRECT TO THE UNIT. FOR FURTHER INFORMATION PLEASE CONTACT: