The subject premises are located in the very heart of the Lansdowne area where most student
accommodation blocks are located. There is significant ongoing development of both accommodation and teaching facilities 'on the doorstep' and accordingly the premises are very well located to benefit from the associated opportunities.
At ground floor level is The Juniper Lounge, a spacious bar. Also at ground floor level are male and female WC's.
At basement/ lower ground floor level is a good-sized restaurant and bar together with a large commercial kitchen plus ancillary areas.
The property benefits from two allocated car parking spaces to the rear together with a beer cellar also at ground floor level.
We understand that the premises are licenced for 200 customers at any one time and also have the benefit of a favourable Premises Licence which permits certain 24-hour licenced activities.
Restaurant/Bar Area: Around 1,500 sq ft (139 sq m)
Rear Lobby: 76 sq ft (7.06 sq m)
Restaurant and Bar: 1,064 sq ft (98.88 sq m)
Commercial Kitchen: 396 sq ft (36.80 sq m)
Beer Cellar: 128 sq ft (11.90 sq m)
Total NIA - 3,160 sq.ft (11.90 sq.m)
Interested parties are advised to make their own enquiries of the Local Authority for confirmation.
Asset Rating - D93
Our clients seek offers on £450,000 for the benefit of the long leasehold interest.
A purchase at £450,000 would reflect a gross yield of 7.77 %.
Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.
The premises are held on the residue of a head lease having approximately 983 years remaining (expiry date 27th February 3003) at a peppercorn rent.
The premises are sublet to Russell Loughland trading as The Juniper Lounge, by way of an occupational underlease granted for a term of 10 years commencing 14th June 2019 The rent passing is £35,000 per annum, exclusive and underlease provides for a rent review after 5 years
The lease incorporates a break clause in the tenant's favour exercisable at the expiration of the 5th year of the term upon the granting of not less than 6 months' prior written notice to the landlord.
It is understood that the sub tenant in turn subunderlets lets the basement/ lower ground floor
restaurant via an informal arrangement to the operators of Full Plate, a restaurant serving Polish and English food, the operators of which supply food to the wine bar's customers when required. ( Agency Pilot Software ref: 7677 )