Freehold City Centre Restaurant Investment
Freehold City Centre Restaurant Investment
The property is situated at the eastern end of Wardwick, which is located in the destination leisure and restaurant area for the City, The Cathedral Quarter. Renowned for its historic surroundings, the Cathedral Quarter is home to high-quality shopping outlets, professional business services, a bustling market and an abundance of excellent bars, cafés, restaurants and entertainment venues. Derby City Library and Derby Museum are located close by.
Freehold.
The property is situated at the eastern end of Wardwick, which is located in the destination leisure and restaurant area for the City, The Cathedral Quarter. Renowned for its historic surroundings, the Cathedral Quarter is home to high-quality shopping outlets, professional business services, a bustling market and an abundance of excellent bars, cafés, restaurants and entertainment venues. Derby City Library and Derby Museum are located close by.
Freehold.
The property comprises a triple-fronted ground floor restaurant with ancillary accommodation on the first, second and third floors.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
The property comprises a triple-fronted ground floor restaurant with ancillary accommodation on the first, second and third floors.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Review/ (Reversion) |
|
|---|---|---|---|---|---|---|---|
| Ground First Second Third |
Restaurant/Ancillary Ancillary Ancillary Ancillary |
294.22 sq m 189.98 sq m 188.92 sq m 113.44 sq m |
(3,167 sq ft) (2,045 sq ft) (2,034 sq ft) (1,221 sq ft) |
TURTLE BAY RESTAURANTS LIMITED (1) |
25 years from and including 06/05/2015 (2) on a full repairing and insuring lease |
£95,000 | 06/05/2020 and five yearly thereafter (05/05/2040) |
| Total |
786.56 sq m |
(8,467 sq ft) |
£95,000 | ||||
(1) Turtle Bay are a Caribbean restaurant chain with restaurants in 39 locations including Oxford, York, Leeds, Newcastle, Guildford, Nottingham, Manchester, Bath and Exeter. For the year ending 1st March 2016, Turtle Bay Restaurants Limited reported a turnover of £47,036,361, pre-tax profits of £7,559,957 and a total net worth of £3,635,925 (Sources: www.turtlebay.co.uk and Experian Group 14/09/2017).
(2) The lease provides for a tenant option to break on 6th May 2030.
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