Long-Lease Restaurant Investment for Sale, Notting Hill, W11
Ground Floor & Basement, 16 All Saints Road, Notting Hill, London, W11
Situation & Location
The property is situated on the eastern side of All Saints Road, which is one of Notting Hill's most famous locations, just off Westbourne Park Road and close to Portobello Market. All Saints Road has over recent years become an important destination for restaurants, including The Tin Shed, The Rum Kitchen, Firezza, Ripe Tomato, amongst others, which serve both the wealthy resident population and vistors to the area. View location map.
Description & Accommodation
The property comprises a ground floor and basement restaurant within a terraced late Victorian building, with front and rear dining areas at ground floor level, providing some 54 covers, and basement kitchen, prep, and office areas at basement level (NB the tenant has carried out
improvements to the rear dining area which was previously a courtyard with a lightweight roof).
The approximate net floor areas are as follows:
| Ground floor front dining area | 430 sq ft | 40 sq m |
| Groud floor rear dining area | 290 sq ft | 27 sq m |
| Basement kitchen / prep | 215 sq ft | 20 sq m |
| Basement office / store | 162 sq ft | 15 sq m |
| Total | 1,097 sq ft | 102 sq m |
Tenancy
The property is let unit is let to North South Brothers Ltd t/a Wormood on a full repairing and insuring lease for a term of 20 years from 27th August 2013, at a rent of £33,000 per annum, subject to five yearly upward only rent reviews.
Woormwood Restaurant has been a popular and successful addition to the All Saints Road www.wormwoodrestaurant.com. A three month rent deposit is held.Tenure
Long-leasehold, having a term of 120 years from 27th November 1986 at a peppercorn ground rent, thus 92 years unexpired.
Terms
An offer is sought for the long leasehold interest, subject to the existing tenancy, of £495,000 to show a net initial yield of 6.3% after deducting usual purchase costs at 5.8%.
Energy Performance Certificate
On appication.
Investment Considerations
- Modest lot size in well known Notting Hill location
- Sought after A3 use in established restaurant destination
- All Saints Road currently rapidly improving restaurant and retail offer.
Contact
Jeremy Barnard or Alan Bateman
Tel: 020 7938 3990
Fax: 020 7937 3764
Email: jb@jmwbarnard.com
Email: ab@jmwbarnard.com
Important Notice: Measurements are approximate and no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No representation or warranty is given either during negotiations, in particulars, or elsewhere. Unless otherwise stated all rents and prices are exclusive of VAT, where applicable.
