The property comprises the ground floor of a part 3 storey and party 2 storey building, refurbished and newly built in 2015. 33 and 35 Regent Grove were refurbishments and numbers 37 and 39 were new build. There are 9 separate self contained flats above the premises held on a long leasehold. There is vehicular access to the rear of the property beneath an archway from next door allowing servicing off street and there is also 1 car parking space.
Location
The property is located on the north side of Regent Grove, approximately 200 metres east of its junction with Parade. Regent Grove is a boulevard with the roadway immediately outside the property being one way, west to east. Pay & Display on street car parking is available both sides of the carriageway and the central landscape pedestrian boulevard runs from Willes Road to the Parade.
The restaurant is located in the heart of the Town Centre and Leamington benefits from a number of good quality restaurants such as Cote, Gusto, Wagamama, Las Iguanas, Nando’s, Café Rouge, Carluccio’s and Bill’s Restaurant.
Accommodation
The property comprises a fully fitted restaurant and bar of circa 2,722 sq ft plus a separate kitchen of 448 sq ft. There are also 3 chambers within the basement providing a further 500 sq ft of storage.
Throughout the main dining area is laminate flooring with underfloor heating, a fitted reception counter, recessed ceiling lighting, sound bafflers and integral sound system.
The kitchen is extensively fitted out incorporating wash sinks, a range of base units with cookers, hot plates, shelving, fridge freezers and walk-in freezer and cold room.
There is also a cocktail bar seating area with fitted cocktail bar, range of chillers, sink and a further lounge seating area.
Terms
Tenancy - The property is available on a new 15 year full repairing and insuring lease at an initial rental of £XXX per annum subject to upward only rent review every 5th year of the term. There will be a service charge levied to cover a proportion of the maintenance costs of the building as a whole and insurance of the property as a whole.
Fixtures, fittings and equipment will be available to purchase.
The freehold interest is available by way of separate negotiation and benefits from rental income off the flats of circa £XXX per annum (which doubles every 25 years) for the ground leases.
VAT - VAT will be payable on rent and the freehold price.
EPC - An EPC is attached.
Rating Assessment - The property is assessed for rating purposes as follows:-
Rateable Value £XXX
Rates Payable current year circa £XXX
Legal Costs - Each party will be responsible for their own legal costs.
Specification
- Separate cocktail bar area with fully fitted bar.
- Fully fitted open kitchen
- Restaurant fitted for circa 80 covers.
- Customer, disabled and staff toilets.