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Lot 8 Click here for addendum

Long Leasehold Restaurant Investment
6 Week Completion

Situation

Prominently positioned in this well-established retail thoroughfare, opposite the junction with Second Avenue and backing on to the Grand Union Canal, amongst a variety of independent shops and cafés serving this sought-after residential area located some 3 miles west of central London.
This part of Harrow Road lies approximately 1 mile west of Maida Vale Station (Bakerloo Line) and approximately ½ a mile north-west of Westbourne Park Station (Hammersmith & City and Circle Lines) and enjoys good road access to the A40 Westway.

Property

Forming part of an end of terrace building comprising a Ground Floor Restaurant with a Covered Terrace at the rear overlooking the Grand Union Canal.

Accommodation

Ground Floor Restaurant (Approx. 40 Covers)
Gross Frontage 39'0"
Internal Width 33'0" (max)
Restaurant & Built Depth 32'2"
Restaurant Area Approx. 600 sq ft
Kitchen Area Approx. 138 sq ft
2 WCs

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 125 years from 16th December 1998 (thus having approx. 103 years unexpired) at a current ground rent of £200 p.a. rising by £50 p.a. every 25 years.

Tenancy

The property is let on a full repairing and insuring lease to Maida Vale Starline Limited (with personal guarantor) as a Lebanese Restaurant/Take-Away & Shisha Bar (see Note) for a term of 15 years from 1st May 2020 at a current rent of £20,800 per annum exclusive.

Rent Reviews 2023 and 3 yearly.

Note: The director of the tenant company has advised he operates 5 other restaurants/shisha bars which are located in Kingston, Neasden, Cricklewood and two locations in Maida Vale.

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*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

431 Harrow Road, North Kensington, London W10 4RE