21 - 23 Friar Gate Derby DE1 1BX

21 - 23 Friar Gate
Derby
DE1 1BX

Freehold Restaurant and Residential Investment

Predominantly let to Las Iguanas Limited
Lease expires June 2034 (no breaks) (14.75 years unexpired)
June 2019 rent review outstanding
5 residential student flats above, all let on ASTs
Adjacent to Pitcher & Piano and close to other bars and restaurants including Zizzi and Bistrot Pierre
Opposite University of Derby Law School

Lot
37
Auction
24th October 2019
Rent
£118,620 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Freehold Restaurant and Residential Investment

Predominantly let to Las Iguanas Limited
Lease expires June 2034 (no breaks) (14.75 years unexpired)
June 2019 rent review outstanding
5 residential student flats above, all let on ASTs
Adjacent to Pitcher & Piano and close to other bars and restaurants including Zizzi and Bistrot Pierre
Opposite University of Derby Law School

Lot 37
Auction 24th October 2019
Rent £118,620 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Restaurant
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 15 miles east of Nottingham; 21 miles north-west of Loughborough
Roads: A38, A50, A52, M1 (J25)
Rail: Derby Midland Station
Air: East Midlands Airport

Situation

The property is located in a prominent corner position, on the northern side of Friar Gate, at its junction with Ford Street and close to Stafford Street. The property is located opposite the Law School of the University of Derby (One Friar Gate Square campus) with several cafés, bars and restaurants nearby, including Pitcher & Piano, Zizzi, Bistrot Pierre, BEAN Caffé, The Orange Tree, Friary Derby, Fat Cat, The Spice Lounge and The Bishop Blaise.

Tenure

Freehold.

Location

Miles: 15 miles east of Nottingham; 21 miles north-west of Loughborough
Roads: A38, A50, A52, M1 (J25)
Rail: Derby Midland Station
Air: East Midlands Airport

Situation

Tenure

Freehold.

Description

The property, which is Grade II listed, comprises a triple-fronted restaurant on the ground, mezzanine, part first and second floors with a large beer garden and self-contained residential above arranged as four studio flats and 1 x four bedroom flat on part first and second floors, with a separate entrance.

VAT

VAT is applicable to this lot.

EPC

See legal pack at acuitus.co.uk

Description

VAT

VAT is applicable to this lot.

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Mezzanine First Floor Second Floor Beer Garden	Restaurant (with ancillary bar, offices and plant room)	342.60 sq m 113.80 sq m 122.00 sq m 20.00 sq m	(3,688 sq ft) (1,224 sq ft) (1,311 sq ft) (215 sq ft)	LAS IGUANAS LIMITED (1)	20 years from 24/06/2014 until 23/06/2034	£75,000	24/06/2019 (outstanding) 24/06/2024 24/06/2029
Studio (upper floors)	Studio	-	(-)	INDIVIDUAL	12 months from 01/07/2019 until 30/06/2020	£6,420
Studio (upper floors)	Studio	-	(-)	INDIVIDUAL	12 months from 01/07/2019 until 30/06/2020	£6,060
Studio (upper floors)	Studio	-	(-)	INDIVIDUAL	12 months from 01/07/2019 until 30/06/2020	£5,880
Studio (upper floors)	Studio	-	(-)	INDIVIDUAL	12 months from 01/07/2019 until 30/06/2020	£6,060
The Cluster (upper floors)	4 bed flat	-	(-)	INDIVIDUALS	12 months from 01/07/2019 until 30/06/2020	£19,200 (2)
Total Commercial Areas		598.40 sq m	(6,438 sq ft)			£118,620

(1) For the year ending 27th May 2018, Las Iguanas Limited reported a turnover of £76,985,000, a pre-tax loss of £2,061,000 and a total net worth of £19,983,000 (Source: Experian Group 07/08/2019). Las Iguanas was founded in 1991 and now has over 50 restaurants across the UK, including five restaurants in London, as well as Bath, Brighton and Edinburgh amongst others (Source: iguanas.co.uk/ restaurants 07/08/2019).
(2) This rent is paid as four payments: £5,200 on 24/06/2019, 24/10/2019 and 24/01/2020 and £3,600 on 24/04/2020.