Comprises a substantial bar and self-contained restaurant
Prominently situated on Broad Street - one of Birmingham City Centre’s principal leisure
destinations
Close to Symphony Hall, the International Convention Centre and SEA Life Centre
Nearby occupiers include All Bar One, Carluccio’s, Pizza Express, Wagamama and Pitcher and Piano
Tenant trading as Barjee Restaurant in occupation since 2002
Totalling approximately 823.66 sq m (8,866 sq ft)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 57
Auction 7th July 2016
Rent £135,000 per Annum Exclusive
Status Sold
Price £1,370,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Roads
A38, A456, A4540
Rail
Birmingham New Street Railway Station
Air
Birmingham International Airport
Situation
The property is situated in the established and popular leisure location of Broad Street in the heart of the City Centre, occupying a prominent corner position at the junction of Broad Street and Gas Street. The property is close to Symphony Hall, the International Convention Centre and SEA Life Centre with other nearby occupiers including All Bar One, Carluccio's, Pizza Express, Wagamama, Pitcher and Piano, Walkabout and The Slug and Lettuce.
Tenure
Long Leasehold. Held from Birmingham City Council for a term of 150 years from 29/09/1994 at a rent of £1 per annum.
Location
Roads
A38, A456, A4540
Rail
Birmingham New Street Railway Station
Air
Birmingham International Airport
Situation
The property is situated in the established and popular leisure location of Broad Street in the heart of the City Centre, occupying a prominent corner position at the junction of Broad Street and Gas Street. The property is close to Symphony Hall, the International Convention Centre and SEA Life Centre with other nearby occupiers including All Bar One, Carluccio's, Pizza Express, Wagamama, Pitcher and Piano, Walkabout and The Slug and Lettuce.
Tenure
Long Leasehold. Held from Birmingham City Council for a term of 150 years from 29/09/1994 at a rent of £1 per annum.
Description
The property comprises a bar arranged over ground, basement and part second floors and a self-contained restaurant on the first and part second floors, accessed from Broad Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a bar arranged over ground, basement and part second floors and a self-contained restaurant on the first and part second floors, accessed from Broad Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground Basement Part Second
Bar
552.48 sq m
(5,947 sq ft)
AMBITIOUS HOSPITALITY LIMITED (t/a The O Bar) ON ASSIGNMENT
25 years from 31/01/2008
£100,000 (1)
31/01/2013 (2) 31/01/2018 & 5 yearly (30/01/2033)
First Part Second
Restaurant
271.18 sq m
(2,919 sq ft)
THE LANDING STAGE LIMITED (t/a Barjee Restaurant)
15 years from 22/04/2016
£35,000 (3)
22/04/2021 22/04/2026 (21/04/2031)
Totals
£135,000
(1) The seller is holding a £50,000 rent deposit. (2) The 31st January 2013 rent review is outstanding. (3) The tenant is currently benefiting from a rent free period due to expire on 21st October 2016. From 22nd October 2016 the tenant is to benefit from 12 months half rent. The seller has agreed to adjust the completion monies so that the property will produce £135,000 from completion of the sale. The seller is holding a £17,500 rent deposit.
