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Restaurant for sale

Vale Of Neath Retail Park, Cadoxton Road,Neath,West Glamorgan,SA10 7AY

Under Offer £950,000
2,435 sq. ft.

Property Description

Commercial information

  • 2,435 sq ft (226 sq m)
  • Use class orders: A3 Restaurants and Cafes

Full description

The property is prominently situated at the junction of Cadoxton Road, and the B4434, a busy arterial route into Neath town centre. Nearby occupiers on the Vale of Neath Retail Park include Halfords, Lidl, and Topps Tiles. Both B&Q and Morrison's are located further south less than a 5 minute walk from the subject property. A comprehensive school (DWR-Y-FELIN) and Neath Port Talbot college lie within 400 metres of the restaurant. It is also located in the middle of a big residential area.

The property comprises restaurant accommodation on the ground floor, benefitting from drive through facilities and a site area of 0.29 hectares (0.72 acres) with approximately 30 car parking spaces.

Dimensions are as follows:

Restaurant: 226.21m / 2435 sq ft
Total site area: 0.29 Hectares / 0.72 Acres

The tenant UnionBurger Ltd (1) (t/a Burger King) on a FRI 25 year lease with effect from 26/10/1998, paying an annual rent 60,500 per annum exclusive. A rent review is due on the 26th October 2018.

950,000 the freehold interest subject to the existing tenancy. The above price equals to a Net Investment Yield of 6.02% allowing for purchaser costs of 0.575%

Rateable value is 60,000
Rates payable 2015/2016 - Rateable value is 28,920

To follow

Each party pay their own legal costs incurred in this transaction. The prospective purchaser is, however, required to give an undertaking through their solicitors prior to the commencement of legal formalities for any abortive legal costs if they withdraw from the transaction.

Strictly by appointment via Landlords sole agents.

NOTE (1):
For the year ending 29/03/2015. Union Burger Ltd reported a turnover of 10,909,126 pre-tax profits of 921,838 and a total net worth of 978, 532. (Source: Experian) the company scored a credit risk score of 100/100 reporting a very low risk.

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