FREEHOLD INVESTMENT FOR SALE. Comprises a modern building constructed in approximately 2005. The building provides ground floor licenced restaurant premises with a basement studio office and six residential flats above.
The ground floor has a full height shopfront and currently trades as a licenced restaurant. The space is regular in shape and arranged as attractive seating area at the front with counter and bar area at the back. There is a kitchen preparation area to the rear with two WCs, storage space and a fire exit.
The licenced restaurant premises are let to Joe and Koko’s Rice Company Ltd for a term of 15 years with approx. 11 years remaining in January 2017. The lease is subject to 5 yearly upwards only rent reviews with the next rent review due in January 2018. The passing rental is £27,500 per annum exclusive.
The basement is subject to a 5 year lease from April 2016 and let to a photographer at £8,000 per annum rising by £400 per annum to £9,600 per annum in year 5.
The six flats have been sold off on long leases and total ground rents receivable are £1,650 per annum which is reviewed every 25 years.