TYPEMixed Use, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON16th August 2021
An extremely rare opportunity to purchase an unbroken mixed-use freehold building located on the busy Chapel Market, N1.
The property comprises a restaurant / takeaway and 2 selfcontained flats.
The restaurant / takeaway is arranged over basement and ground floor and measures circa 874 sqft in total. This is broken down as circa 374 sqft in the basement and circa 500 sqft over ground floor. The unit benefits from both restaurant (A3) and takeaway (A5) use class and has rear access. It is let to Hot Stone Limited for a 15 year term from 2013, and therefore has approximately 7 years remaining. The passing rent is £36,000 per annum and the only rent review is on the 10th anniversary in approx. 2 years (February 2023).
Please note that Hot Stone are a steak and sushi bar and takeaway, and have 2 locations in total being here (in Angel) and another in Fitzrovia. They are very highly regarded in their field and have over 55,000 followers on Instagram.
The upper parts comprise 2 self-contained apartments. Both of these apartments benefit from front access from Chapel Market itself. The first floor is arranged as a 1 bedroom apartment. The second and third floors measure circa 700 sqft in total and comprise a split-level 2 bedroom apartment. Both flats are let on AST's, with the 1 bedroom let for £1,400pcm and the 2 bed let for £1,700pcm. ( Agency Pilot Software Ref: 29976 )