UNDER OFFER
Lock Up Restaurant/Bar Investment, Magdalen Road, Exeter, Devon, EX2
Guide Price
£235,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Restaurant for sale
- USE CLASSUse class orders: A3 Restaurants and Cafes and A4 Drinking Establishments
A3, A4
Key features
- Long leasehold (999 years) income producing restaurant/bar investment property.
- Ground floor and upper ground floor let to a private individual.
- Current rent of £18,000 per annum.
- Let on a 6 year lease from July 2024.
- The rent is subject to three yearly RPI linked rent reviews.
- Guide Price: £235,000 reflecting a gross return before purchase costs of 7.66%.
- Business unaffected by the sale.
Description
INVESTMENT SUMMARY
* Long leasehold (999 years) income producing restaurant/bar investment property.
* Ground floor and upper ground floor let to a private individual.
* Current rent of £18,000 per annum.
* Let on a 6 year lease from July 2024.
* The rent is subject to three yearly RPI linked rent reviews.
* Guide Price: £235,000 reflecting a gross return before purchase costs of 7.66%.
* Business unaffected by the sale.
DESCRIPTON
29 Magdalen Road is an extremely well-presented bar and restaurant premises comprising a self-contained
ground floor and upper ground floor lock up unit. The long leasehold interest is being offered as an investment opportunity with an incumbent lease and tenant in place.
LOCATION
The property occupies a prominent and much sought-after location in the popular and vibrant trading area of Magdalen Road, renowned for its eating/café culture and popular with catering business, being close to Exeter City Centre. Magdalen Road is located in the affluent St Leonards residential area, a desirable suburb of Exeter and the Southernhay business district and Exeter City Centre are also close by and within easy walking distance. Magdalen Road has recently undergone a street enhancement scheme which included creating pavement seating areas with the aim of creating a cosmopolitan/continental feel. Exeter is the regional capital of the South West and as such, is not only an established and expanding business centre, but also a popular tourist destination. Renowned for its historic cathedral, university and waterside developments, Exeter boasts excellent transport link communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at junction 30.
ACCOMMODATION
Ground Floor: Front Bar and Customer Seating Area. Steps up to
Upper Ground Floor: Customer Seating Area and Dining Room, Conservatory Seating and Dining Area, Commercial Kitchen, Customer Toilets and a Storeroom.
The unit is approximately 800 Sq. ft (74 Sq. m).
There is also a Cellar Storage Area and the premises currently benefit from a pavement seating area (the tenant pays a separate licence fee to Exeter City Council for this.)
LEASE TERMS
The property is being sold with a benefit of a lease of the ground and upper ground floor commercial areas to a private individual, for a term of 6 years from 29th July 2024 drawn on full repairing and insuring terms at a rent of £18,000 per annum. There is a rent review, linked to RPI on the 29th July 2027. Rent is paid monthly in advance.
TENURE
The long leasehold interest (we are advised that a 999 year lease will be created upon completion) is available at a Guide Price Of £235,000 equating to a gross return before purchase costs of 7.66%. We understand that the property has not been elected for VAT.
IMPORTANT NOTICE
Please note that the property is being sold as an investment with the business continuing to trade and unaffected by the sale. Please do not directly contact the tenants as they are not connected with the sale. The fixtures and fittings are currently owned by the tenants.
LEGAL FEES
Each party to pay their own legal costs incurred in this transaction.
EPC
An EPC is available with a rating of C-51.
* Long leasehold (999 years) income producing restaurant/bar investment property.
* Ground floor and upper ground floor let to a private individual.
* Current rent of £18,000 per annum.
* Let on a 6 year lease from July 2024.
* The rent is subject to three yearly RPI linked rent reviews.
* Guide Price: £235,000 reflecting a gross return before purchase costs of 7.66%.
* Business unaffected by the sale.
DESCRIPTON
29 Magdalen Road is an extremely well-presented bar and restaurant premises comprising a self-contained
ground floor and upper ground floor lock up unit. The long leasehold interest is being offered as an investment opportunity with an incumbent lease and tenant in place.
LOCATION
The property occupies a prominent and much sought-after location in the popular and vibrant trading area of Magdalen Road, renowned for its eating/café culture and popular with catering business, being close to Exeter City Centre. Magdalen Road is located in the affluent St Leonards residential area, a desirable suburb of Exeter and the Southernhay business district and Exeter City Centre are also close by and within easy walking distance. Magdalen Road has recently undergone a street enhancement scheme which included creating pavement seating areas with the aim of creating a cosmopolitan/continental feel. Exeter is the regional capital of the South West and as such, is not only an established and expanding business centre, but also a popular tourist destination. Renowned for its historic cathedral, university and waterside developments, Exeter boasts excellent transport link communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at junction 30.
ACCOMMODATION
Ground Floor: Front Bar and Customer Seating Area. Steps up to
Upper Ground Floor: Customer Seating Area and Dining Room, Conservatory Seating and Dining Area, Commercial Kitchen, Customer Toilets and a Storeroom.
The unit is approximately 800 Sq. ft (74 Sq. m).
There is also a Cellar Storage Area and the premises currently benefit from a pavement seating area (the tenant pays a separate licence fee to Exeter City Council for this.)
LEASE TERMS
The property is being sold with a benefit of a lease of the ground and upper ground floor commercial areas to a private individual, for a term of 6 years from 29th July 2024 drawn on full repairing and insuring terms at a rent of £18,000 per annum. There is a rent review, linked to RPI on the 29th July 2027. Rent is paid monthly in advance.
TENURE
The long leasehold interest (we are advised that a 999 year lease will be created upon completion) is available at a Guide Price Of £235,000 equating to a gross return before purchase costs of 7.66%. We understand that the property has not been elected for VAT.
IMPORTANT NOTICE
Please note that the property is being sold as an investment with the business continuing to trade and unaffected by the sale. Please do not directly contact the tenants as they are not connected with the sale. The fixtures and fittings are currently owned by the tenants.
LEGAL FEES
Each party to pay their own legal costs incurred in this transaction.
EPC
An EPC is available with a rating of C-51.
Brochures
Lock Up Restaurant/Bar Investment, Magdalen Road, Exeter, Devon, EX2
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Exeter Central Station0.6 miles
- St James Park Station0.7 miles
- Exeter St. Thomas Station0.8 miles
Notes
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