Highly prominent mixed-use investment let to a popular local restaurant occupier with first floor residential accommodation.
Located in Denton Town Centre, East Manchester.
Recently refurbished three-bedroom apartment on the first floor.
Total combined passing rent of £XXX per annum.
14.2 years unexpired lease term (4.2 to break)
* We are instructed to invite offers over £XXX subject to contract and exclusive of VAT. An offer at this level reflects a Net Initial Yield of 8.5% assuming standard purchasers' costs of 2.44%.
The property comprises of a two-storey mixed-use terrace building of traditional brick construction beneath a flat roof. The ground floor provides a double fronted A3 restaurant unit with glazed frontage benefiting from electric roller shutter security.
The restaurant has been recently refurbished and is fit out to a high standard throughout with entrance area, dining areas, bar, WC located to the front of the unit and a commercial kitchen to the rear.
Externally, there is access to the ground floor from the rear via a small yard area.
The first floor provides a 3-bedroom apartment which is accessed via a rear entrance.
( Agency Pilot Software Ref: 738 )
Location
The property is located in Denton which is a town in the metropolitan borough of Thameside in Greater Manchester. Denton is situated approximately 5 miles east of of Manchester City Centre, 4.5 miles north of Stockport and 7 miles from Didsbury.
Accommodation
Ground Floor Ground Floor (NIA)
Restaurant Restaurant 1,086sq ft (100.9m2)
Kitchen Kitchen 433 sq ft (40.2m2)
Total Ground Total Ground 1,519 sq ft (141.1 m (141.1 m2)
Apartment Apartment 1,086sq ft (100.9m2) 3 BED
Terms
TENANCY INFORMATION The ground floor restaurant is let to Mr. L Guleryuz and Mr. Y Ceyhan for a term of 15 years commencing on 20 5 years commencing on 20th February 2018 February 2018 February 2018 and expiring on 19th February 2033 providing an attractive 14.2 years 14.2 years unexpired lease term to lease expiry. The tenant ha unexpired lease term s an option to break on the fifth anniversary of the term subject to 6-months prior written notice. The current passing rent is £XXX passing rent is £XXX passing rent is £XXX per annum 0 per annum 0 per annum. The lease provides a rent review 20 review 20th February 2019 February 2019 February 2019and every 3 and every 3 years thereafter to Open Market Rental Value (OMRV) or RPI (no cap or collar). cap or collar) The first-floor apartment is let on a 6-month assured shorthold tenancy (AST) to the same tenant as the ground floor restaurant occupier and this tenancy is currently rolling over. The passing rent is £XXXpa (£XXX ,XXXa (£XXX ,XXXa (£XXXpcm). The property is fully let producing an annual rent of £XXX per £XXX per annum.
COVENANT Los Amigos Tapas is a Spanish tapas restaurant and bar which opened in October 2018. The restaurant owner also owns and operates Istanbul Grill in Denton and has successfully established 5 other restaurants in Greater Manchester. We understand that since opening the restaurant trades well