The premises comprise a restaurant unit arranged over ground and mezzanine floors, situated within a modern corner development. The restaurant is accessed via a double height ground floor entrance hall and has recently been refurbished. The ground floor provides a kitchen, bar and seating area, with the mezzanine providing additional seating, preparation area, cold store, and WC's.
Location
Nestled in the heart of one of London's most dynamic neighbourhoods, this property offers unparalleled access to a vibrant array of local amenities that cater to a sophisticated lifestyle. Local bars and restaurant include Caravan, Brix, Mc & Sons, Itsu together with luxury hotels such as Hilton London Bankside, Hoxton Southwark, Sea Containers and ctizenM Bankside.
The area is well served by a host of cultural amenities, museums, theatres including Tate Modern, Globe Theatre and the iconic Borough Market.
The premises are well served by transport links including London Bridge Mainline and Underground Stations, Southwark Underground Station and Blackfriars Mainline and Underground Stations.
Accommodation
Ground Floor - 928 sq ft (GIA) - Kitchen, bar and seating area accessed via double height entrance hall
Mezzanine - 877 sq ft (GIA) - Additional seating, preparation area, cold store, and WCs
Total area: 1,805 sq ft (GIA)
Terms
Tenure - The premises are held on a 999 year lease from the 1st January 2014 at a ground rent of £1.00 per annum.
Title - The property is held long leasehold Title No. TGL 413727.
EPC - The premises have an EPC rating within Band 'B' with the EPC expiring on the 23rd October 2034.
Planning - The premises benefit from A3, A1 and B1 office use, which are now included within E class.
Rates - The premises are rated as restaurant and premises and have a 2026 RV of £53,000 per annum.
VAT - The building are elected for VAT. It is anticipated that the transfer will be treated as a Transfer of Going Concern (TOGC).
Proposal - The Vendors are seeking offers of £635,000 for the long leasehold interest, reflecting a cap value of £352 per sq ft and an initial yield of 7.19% rising to a minimum of 8.24% in May 2027.
Specification
- Virtual freehold restaurant investment for sale.
- Situated on the Southbank in an amenity rich environment.
- 1 minute walk from BP's new headquarters at Timber Square.
- Single let to Cowest Limited, trading as Union Viet Restaurant & Café www.unionviet.com.
- The premises benefit from A3, A1 and B1 office use.
- The premises are let at a rent of £48,000 per annum, subject to a minimum fixed uplift to £55,000 per annum in May 2027 and an open market review on the 18th May 2030.
- In excess of nine years of income, without break.
- The premises are elected for VAT. It is anticipated that the transfer will be treated as a Transfer of Going Concern (TOGC).
- The Vendors are seeking offers of £635,000 for the long leasehold interest, reflecting a cap value of £352 per sq ft and an initial yield of 7.19% rising to a minimum of 8.24% in May 2027.