Restaurant/cafe for sale

Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £26,000 p.a.
VAT is not applicable to this property
Comprises ground floor restaurant with full commercial kitchen at basement level.
Development potential to convert to residential, subject to getting consents.
Pavement in front of property included. Full height glass frontage.
To be held on a 999 Year Leasehold with no restriction for development.
Occupiers nearby include Post Office, Budgens and Newsagent, amongst others.

Property Description:
The property comprises a café/restaurant arranged over ground floor and basement, with benefit of owning the pavement in front.
The property provides the following accommodation and dimensions:
Ground Floor: Restaurant/Bar (30 covers)
Gross Frontage 14'2"Internal Width 14`0”
Shop & Built Depth 27`2”
Basement:
Kitchen Area Approx. 304 sq ft

Total area size of 74.79 sq m (805 sq ft)

Tenure:
Leasehold. Held on a lease for 999 years from 2nd February 2021 at peppercorn ground rent with no restrictions for development.

Tenancy:
The property is at present let to Wolf Kitchen Ltd t/a Bear + Wolf Café (having two branches) for a term of 12 years from 22nd June 2015 at a current rent of £26,000 per annum and the lease contains full repairing and insuring covenants. Deposit held of £5,486.25. Lease outside of the Landlord & Tenant Act 1954.

Location:
Holloway is an inner-city district of the London Borough of Islington, 3.3 miles (5.3 km) north of Charing Cross, which follows the line of the Holloway Road (A1). The property is located on Campdale Road, close to Tufnell Park Playing Fields and the junction with Tufnell Park Road. Occupiers nearby include Post Office, Budgens, Tufnell Park Tavern and Newsagent, amongst others.