Business Summary

The property comprises a detached two-storey building, which is divided into a self-contained ground floor/ first floor restaurant and a separate ground floor shop with first floor studio office and WC.

The building is a Grade II Listed Building of solid brick construction with tiled and pitched roof.

ACCOMMODATION

The measurements hereafter presented provide an approximate Net Internal Area of the accommodation, measured in accordance with the RICS Code of Measuring Practice (5th Edition).

Description Sq.M Sq.Ft

Restaurant Ground Floor 54.8 590
First Floor 38.5 415
Total Floor Area 93.35 1004

Retail Premises Ground Floor 40.59 437
First Floor 20.15 217
Total Floor Area 60.74 654

TENANCIES

Restaurant
Tenant: Kai Ching Ng and Chui Lin Ng (Trading as Peking Dynasty)
Term: 12 years commencing 25th March 2002
Rent: £16,000 pa. subject to 3 yearly upwards only rent reviews
Repairs: Tenant responsible for interior, including doors and windows and internal /external decoration and a proportional contribution to the maintenance of the structure of the property.
DEPOSIT £3500

Retail Premises
Tenant: Ms A Puffett (Trading as the Hair Gallery)
Term: 5 years from 15th April 2013 contracted out side the provisions of Part 2 of the Landlord and Tenant act 1954

Rent: £6,500 pa.
Repairs: The tenant is responsible for internal repairs and a proportional contribution to the maintenance of the structure of the property.

DEPOSIT £1625

VAT We are advised that the property is not registered for VAT

PROPOSAL

The property is offered at a price in the region of £250,000.A purchase at this level shows a gross initial yield of approximately 9.00%

The property is held as the sole asset of an SPV company, which may be acquired as a going
concern.

TENURE Freehold

LEGAL COSTS Each party to bear their own legal costs incurred in the transaction.

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