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INVESTMENT CONSIDERATIONS
• Highly prominent and unique leisure investment let to a popular local restaurant occupier. • Located in Urmston, an affluent South Manchester town.town. • Large Grade II listed property extending to 4,763 sq ft (442.5m(442.5m 222).).). • Freehold. • Successful restaurant operator ISTANBUL GRILL has been trading from the premises for over 4 years. • New Fully Repairing and Insuring lease from 11101000ththth October 2018 for a term certain of 15 years providing an unexpired lease termterm of 14.9 years. • Passing rent of £21,000 per annum. • We are instructed to invite offers in the region of £2£2£28£2 8885,0005,000 subject to contract and exclusive of VAT. An offer at this level reflects a Net Initial Yield of 777.7...24242424%% and a low capital value of ££59595959/psf./psf. 4 MILES
South of Manchester City Centre
6 MILES
From Altrincham
14 MILES
From Wilmslow
LOCATION
Urmston is an affluent South Manchester suburb situated approximately 4 Urmston train station provides easy access into Manchester City miles south of Manchester City Centre, 6 miles from Altrincham, 7 miles from Centre with services running to Deansgate and Oxford Road train Hale and 14 miles from Wilmslow. stations every 30 minutes with journey times taking 13 minutes and 16 minutes respectively. The area benefits from good local transport infrastructure with Urmston tram station located approximately 4 minutes’ walk from the property. -
DESCRIPTION
The property comprises a unique Grade II listed building built in the 1930’s which was formerly used as a billiards hall and Indian restaurant. The restaurant is fit out to a high standard throughout keeping the buildings character with exposed timber beams, timber floors, exposed brickwork and open kitchen.
The property is currently configured to provide an attractive lobby/entrance with disabled access to the front leading to the bar area and lounge / seating area near the entrance. The restaurant caters for 150 covers throughout the middle of the property with seating arranged on different levels. To the rear of the property is the open kitchen and W/C facilities. Additional storage and cold stores are located on a mezzanine above the kitchen. Externally, the site is self-contained with a small yard to the rear accessed via two rear entrances. ACCOMMODATION
The property has been measured on a Gross Internal Area (GIA) basis in accordance with the RICS Property Measurement 1 st Edition and extends to:
Ground Floor 4,763 sq ft (442.5m 222)))
Mezzanine 896 sq ft (83.25m 222)))
TENANCY INFORMATION
The lease has recently been re-geared to a newly formed company EGE 48 Limited (CRN. 11029230) at an initial rent of £21,0£21,00000 per annum (exclusive plus VAT) for a term of 15 years from and including 10th October 2018 and expiring 999 ththth October 2033 providing an unexpired lease term of 14.9 years to expiry with no break clause.
The lease provides for upwards only rent reviews on the fifth and tenth anniversaries of the term to open market rental value (OMRV).
COVENANT
Istanbul Grill is a Mediterranean restaurant and cocktail bar. There are currently 4 restaurants trading as Istanbul Grill in Greater Manchester and another in Cheshire which has been rebranded as Topkapi Palace. Each restaurant has been opened and established by the same restaurant owner and has been subsequently sold onto staff in each instance. The restaurants are owned and operated independently.
Istanbul Grill Urmston was established over 4.5 years ago as Istanbul Grill (Urmston) Limited and we are informed by the tenants they trade very well.
VAT
The property is elected for VAT and it is the intention to treat this transaction as a Transfer of a Going Concern (TOGC).
EPC
EPC exempt.
TENURE
Freehold.
PROPOSAL
We are instructed to invite offers in the region of £2£2£28£2 8885,0005,000 subject to contract and exclusive of VAT. An offer at this level reflects a Net Initial Yield of 777.7...24242424%% and a very low capital value of ££59595959/psf./psf.
VIEWINGS
Strictly by appointment with the sole agents: W T Gunson
For the attention of: Jack McCabe
T 0161 833 9797 M 07584 046458