Prime London Restaurant Investment Opportunity

SUMMARY

INVESTMENT SUMMARY

        • Highly desirable and sought after London location.
        • Situated on an established retail and leisure pitch.
        • Freehold.
        • Let to Thai Rice with an unexpired term of approximately 15.7 years.
        • Current passing rent of £53,000 per annum
        • Offers in excess of £1,000,000 (One Million Pounds) are invited, reflecting a Net Initial Yield of 5.00%, subject to standard purchaser’s costs of 5.75%.

LOCATION

LOCATION

Portobello Road is one of London’s most premier retail and leisure destinations, a sought after district of Notting Hill in the Royal Borough of Kensington and Chelsea, located approximately 2.5 miles west of Central London.

The area benefits from an excellent road and transport communications. Serviced by numerous bus routes, accessible Underground Stations of Ladbroke Grove (Hammersmith & City Line) and Notting Hill Gate (Central, District and Circle Lines), road links via the A40 and A4.

There is great connectivity to all areas of Central London by Tube, including: 4 minutes to London Paddington Station, 7 minutes to Oxford Circus Underground Station, 21 minutes to Kings Cross Train Station and 50 minutes to London Heathrow Airport.

  • SITUATION


    SITUATION

    Portobello Road is home to an eclectic mix of merchants and the celebrated antiques market, attracting worldwide visitors.

    The property forms part of a popular parade situated on the western side of Portobello Road.

    LOCATION


    DESCRIPTION

    DESCRIPTION

    The property comprises an attractive mid-terrace period building, providing restaurant accommodation on the ground and lower floors, a self-contained residential flat arranged over first and second floors.

    The residential upper parts have been sold on a long-leasehold basis.

    ACCOMMODATION

    We have been provided with the total floor area which we understand has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a Net Internal Area (NIA) basis.

  • TENANCY


    TENANCY

    The ground and basement is let to Kwan Run Limited (Company Number: 09018723), trading as Thai Rice, for an unbroken term of 20 years from 29th September 2016 on a full repairing and insuring lease expiring on 28th September 2036.

  • The lease is subject to 5 yearly upward only rent reviews, the next review is due on 29th September 2021. The current rent passing is £53,000 per annum.


    COVENANT

    Thai Rice was founded in 2002 and successfully grown to have numerous locations in London. www.thairicegroup.com


  • TENURE

    The Property is held Freehold.

     

    IMAGES

    PHOTO GALLERY

    PROPOSAL

    EPC

    The property has an Energy Performance Certificate rating of D> A copy of the certificate is available upon request.

    VAT

    The property has been elected for VAT and it is envisaged that the transaction will be treated as a Transfer of a Going Concern (TOGC).

    PRICE

    Offers are invited in excess of £1,000,000 (One Million Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.00%, subject to standard purchaser’s costs of 5.75%.

    MISREPRESENTATION ACT 1997 & DECLARATION

    Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
    i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
    ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
    iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

    BROCHURE

    BROCHURE

    For further information please email Steven@buchananbond.com

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