Gross Initial Yield: 6.18%
Rental Income: £20,100 p.a.
VAT is NOT applicable to this property
Comprises ground floor restaurant and a self-contained flat on the first floor (sold off)
Restaurant let until 2039
Upward only rent reviews in 2024, 2029 and 2034.
Full refurbishment and kit-out upon commencement of tenancy in 2019
Occupiers nearby include Papa Johns Pizza, amongst a number of takeaway/restaurants, barbers, estate agents and many more.
The property comprises ground floor restaurant and a self-contained flat on the first floor. The restaurant has undergone a full refurbishment and kit-out upon commencement of tenancy in 2019. The residential flat has been sold off on long leasehold.
The property provides the following accommodation and dimensions:
Ground Floor: Restaurant 108.00 sq m (1,161 sq ft)
First Floor: Flat 66.00 sq m (710 sq ft)
The ground floor restaurant is at present let to Individuals for a term of 20 years from 26th June 2019 at a current rent of £20,000* per annum and the lease contains full repairing and insuring covenants. Upward only rent reviews in 2024, 2029 and 2034. Option to determine in 2029 with minimum 6 months notice. Rent deposit held of £10,000*. The first floor flat has been sold off on a 999 year lease from 25 October 1996 at a current rent of £100 per annum.
*Note 1 – Tenant pays £15,000 per annum in the first 2 years in return for full refurbishment upon commencement of the tenancy.
*Note 2 - Tenant paid £5,000 deposit initially and will top up £5,000 at the end of second year.
Leyton is a district in East London and part of the London Borough of Waltham Forest, located 6.2 miles (10 km) north-east of Charing Cross in the United Kingdom. It borders Walthamstow and Leytonstone in Waltham Forest, Stratford in the London Borough of Newham and Homerton and Lower Clapton in the London Borough of Hackney. The district includes part of the Queen Elizabeth Olympic Park, which hosted the 2012 Olympic Games, as well as Leyton Orient Football Club, although it is predominantly residential. It consists mainly of terraced houses built between 1870 and 1910, interspersed with some modern housing estates. Leyton is on the Central line of London Underground, with the station located at the southern end of the High Road. There is a London Overground station at Midland Road on the Gospel Oak to Barking line. Leyton is served by routes 58, 69, 97, 158, W14 and W15 and night bus route N26.