The property comprises a 2-storey building in a corner position with covers on ground and first floors. There are male and female customer WCs and a kitchen at ground floor with a yard to the rear and separate access to Mimram Road. There is a cellar below the ground floor customer area with trap door access.
The property is situated in a Conservation Area.
( Agency Pilot Software Ref: 23724 )
Location
The property is prominently situated in a corner position and immediately adjacent to the Tesco convenience store in the centre of this affluent village. A good variety of businesses are represented within the High Street including XO Wine Merchants, Simmons Bakers, Lloyds Pharmacy and a variety of other food and beverage operators including The Wellington and Aqua Restaurant. Welwyn village is well located with junction 6 of the A1(M) being circa 0.5 miles, Junction 23 of the M25 being 15 miles and Welwyn North Railway Station being circa 1.5 miles distant by road and served by Thameslink and Great Northern.
Accommodation
Ground floor customer area 38.40 Sq. m( 414 Sq. ft)
Kitchen 13.70 Sq. m( 147 Sq. ft)
First floor trading area 40.30 Sq. m (433 Sq. ft)
Rear Yard 35.00 Sq. m( 377 Sq. ft)
Terms
TENANCY The entire property is let by way of a lease until 8 October 2024 and which is contracted outside Sections 24 - 28 of the Landlord & Tenant Act 1954 and as such there is no right of renewal upon expiry. The tenant is responsible for keeping the property in repair and to decorate internally and externally. The lease is granted to Vita Ristorante Ltd (Reg No 08525074). The lease provides for an upward only rent review effective from 9 October 2021. The current rent payable is £30,000 per annum exclusive.
PRICE We are instructed to seek offers in the region of £550,000.
NET INITIAL YIELD A purchase of the property at the price of £550,000 would provide a purchaser with a Net Initial Yield of 5.22% assuming purchaser's costs of £4.59% at the current rent of £30,000 per annum exclusive
Further details available upon request. C 54.
Specification
- Lease until 8 October 2024 which is contracted outside Sections 24-28 of The Landlord & Tenant Act 1954.
- Large rear courtyard with separate access from Mimram Road
- Established restaurant.
- VAT is not payable on the sale price A purchase at £550,000 would give a net initial yield of 5.22% assuming costs of 4.59% at the current rent of £30,000 per annum