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Offers Sought STC

  • Type: FREEHOLD RESTAURANT INVESTMENT

Property Description

Investment Summary

• Prime restaurant Investment opportunity located in the heart of Derby City Centre.

• Prominent building occupying a large return frontage in close proximity to Intu Derby and the thoroughfares of Cornmarket, St Peter’s Street and Irongate.

• Attractive imposing building comprising Derby’s former Post Office dating back to 1860s totaling 2,068 sq m (22,259 sq ft) arranged over basement, ground and two upper floors.

• Freehold.

• Let to SCC Leisure Ltd with a guarantor from Bar Soba Group Ltd on a new 20 year lease from 9 October 2017 at passing rent of £90,000 per annum with five yearly upward only rent reviews including a fixed increase in year 5 to £95,000 per annum which Vendor will top up to first review.

• Vacant second floor benefits from self-contained entrance and offers scope for a change of use subject to obtaining necessary consents.

• Vendor to provide 18-month rental guarantee reflecting £25,000 per annum.

• Offers are sought in excess of £1,450,000 (One Million Four Hundred and Fifty Thousand Pounds) reflecting a net initial yield of 7.82% and a capital value of only £65 per sq ft subject to contract.

 

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