Eastbourne – Leasehold Restaurant Investment

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Investment Consideration:
Gross Initial Yield: 8.61%
Rental Income: £12,480 p.a.
VAT is NOT applicable to this property
Comprises ground floor restaurant with ancillary accommodation at basement
Let until November 2029 (no breaks). Rent reviews in 2025 and 2028
Situated in a busy retail area on the periphery of Eastbourne town centre, close to the junction with Cavendish Place and the seafront with occupiers nearby including Tesco and Asterix Gym amongst others.

Property Description:
The property is arranged as a ground floor restaurant with kitchen area, basement store, office area and WC, providing the following accommodation and dimensions:
Ground Floor: 85.87 sq m (924 sq ft)
Indian restaurant with kitchen at rear
Basement: 44.17 sq m (475 sq ft)
Store, Office Area and WCs:

Tenancy:
The property is at present let to an Individual t/a Indian Restaurant for a term of 6 Years and 11 Months from 2nd December 2022 at a current rent of £12,480 per annum and the lease contains full repairing and insuring covenants. Rent review in December 2025 and 2028 (open market). No breaks. Deposit held of £2,040.

Tenure:
Long leasehold. Held on a 999 year lease from 15th June 2015 at a ground rent of peppercorn.

Location:
Eastbourne is a town, seaside resort and borough in the county of East Sussex on the south coast of England, 19 miles east of Brighton. The town benefits from a direct road links to London (A22) and Southampton (A27). The property is situated in a busy retail area on the periphery of Eastbourne town centre, close to the junction with Cavendish Place and the seafront.