Property Auctions 09/Jul/2024 | 26 Belvoir Street, Leicester, Leicestershire, LE1 6QH

Freehold Restaurant and Residential Ground Rent Investment

Ground floor and basement let to restaurant trading as Time To Delhi
New 10 year lease from July 2023 (subject to option)
Approximately 4,535 sq ft
Prominent City Centre corner location, close to Leicester Rail Station and De Montfort University
Nearby occupiers include Marks & Spencer, Tesco Express, San Carlo, Nando's, Bistrot Pierre, Caffè Nero, Pret A Manger, Revolution Bar, Walkabout, Boots the Chemist, Superdrug and several restaurants and bars, as well as The Curve Theatre

Lot 24
Auction 9th July 2024
Rent £40,000 per Annum Exclusive
Status Sold
Price £320,000
Sector
Restaurant
Auction Venue
Live Streamed Auction
On Behalf of Receivers

Property Information

Location

Miles: 21 miles south of Nottingham, 31 miles north-east of-Birmingham
Roads: A6, A47, A563, M1 (Junction 21)
Rail: Leicester Railway Station
Air: East Midlands Airport

Situation

The property is prominently situated in a corner position on the south side of Belvoir Street, at its junction with Stamford Street, in the heart of the City Centre. The property benefits from being approximately 500 metres from Leicester Railway Station and close to De Montfort University. Nearby occupiers include Marks & Spencer, Tesco Express, San Carlo, Nando's, Bistrot Pierre, Caffè Nero, Pret A Manger, Revolution Bar, Walkabout, Boots the Chemist, Superdrug and several restaurants and bars, as well as The Curve Theatre.

Tenure

Freehold.

Location

Miles: 21 miles south of Nottingham, 31 miles north-east of-Birmingham
Roads: A6, A47, A563, M1 (Junction 21)
Rail: Leicester Railway Station
Air: East Midlands Airport

Situation

The property is prominently situated in a corner position on the south side of Belvoir Street, at its junction with Stamford Street, in the heart of the City Centre. The property benefits from being approximately 500 metres from Leicester Railway Station and close to De Montfort University. Nearby occupiers include Marks & Spencer, Tesco Express, San Carlo, Nando's, Bistrot Pierre, Caffè Nero, Pret A Manger, Revolution Bar, Walkabout, Boots the Chemist, Superdrug and several restaurants and bars, as well as The Curve Theatre.

Tenure

Freehold.

Description

The property comprises a substantial restaurant arranged on the ground floor and basement. The property also comprises residential accommodation arranged on part ground, part basement, first & second floors, let on a long lease.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Receivers and therefore no warranties, representations or guarantees are given or will be given by the Receivers or the Auctioneers in respect of the information in these particulars or any matter relating to the property, including VAT. Any information provided is provided without liability on the part of the Receivers and Auctioneers for any reliance placed on it. The Receivers are acting without personal liability and are not bound to accept the highest or any offer.

Completion Period

Six Week Completion

EPC

Band B

Description

The property comprises a substantial restaurant arranged on the ground floor and basement. The property also comprises residential accommodation arranged on part ground, part basement, first & second floors, let on a long lease.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Receivers and therefore no warranties, representations or guarantees are given or will be given by the Receivers or the Auctioneers in respect of the information in these particulars or any matter relating to the property, including VAT. Any information provided is provided without liability on the part of the Receivers and Auctioneers for any reliance placed on it. The Receivers are acting without personal liability and are not bound to accept the highest or any offer.

Completion Period

Six Week Completion

EPC

Band B

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m (1)	Floor Areas (Approx sq ft) (1)	Tenant	Term	Rent p.a.x.	Rent Review
Ground Basement	Restaurant Ancillary	287.40 133.90	(3,094) (1,441)	MY DELHI STREETERY LIMITED (t/a Time To Delhi) (2)	10 years from 24/07/2023 (3)	£40,000	24/07/2028
Part Basement Part Ground First Second	Residential	-	-	BELVOIR STUDIOS LLP	999 years from 25/12/2000	Peppercorn	-
Total Commercial Area		421.30	(4,535)			£40,000

(1) Areas provided by VOA (www.gov.uk/find-business-rates)
(2) Time To Delhi are a vibrant and eclectic Indian street food restaurant that also trade from two other stores in Newcastle and Sunderland. They won the award for 'Best Street Food Restaurant' of the year at the National Curry Awards 2023 (www.mydelhistreetfood.com).
(3) The lease is subject to a tenant option to determine on 24/07/2028. A rent deposit of £20,000 is held by the vendor.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.