Citrus Commercial Circle is pleased to offer this established restaurant investment opportunity in Blackburn town centre, occupied by Istanbul Restaurant.
The property comprises a substantial, fully fitted ground floor restaurant and kitchen extending to approximately 6,500 sq ft (603.8 sq m), with accommodation for approximately 220-250 covers. The restaurant has traded from the premises for approximately two years and the property was extensively fitted out when the business opened.
At the point of sale, a new five-year lease is to be put in place at a rent of £50,000 per annum, exclusive of all other outgoings. The property is offered for sale at £600,000, equating to an approximate gross initial yield of 8.33% before purchaser's costs.
The property occupies a prominent position on Nab Lane within Blackburn's town centre entertainment quarter. It is adjacent to the Reel Cinemas entertainment complex and sits beneath the Feilden Street multi-storey car park, which provides parking for more than 500 vehicles. Nab Lane forms a pedestrian route linking Blackburn College with King George's Hall, Reel Cinemas and The Mall shopping centre. Blackburn College is adjacent to the property and is stated to have a student population in excess of 15,000.
The interest being sold is long leasehold for a term of 200 years from 2008, subject to a nominal ground rent. The property is stated as suitable for retail, leisure or restaurant use. VAT is applicable at the prevailing rate, the Rateable Value is £55,500 and a copy of the EPC is available on request.
KEY FEATURES
- Restaurant investment opportunity in Blackburn town centre
- New 5-year lease to be put in place at completion
- Rent: £50,000 per annum
- Asking price: £600,000
- Approximately 6,500 sq ft / 603.8 sq m
- Fully fitted restaurant with approximately 220–250 covers
- Adjacent to Reel Cinemas and Blackburn’s main entertainment quarter
- 500+ car parking spaces directly above at Feilden Street Car Park
Agency fees may apply.