291 sq ft ( 27.0339 sq m)
Size: 291Sq ft | Property Type: Shops Tenure: Leasehold | Area: Loughton | Postcode: IG10 1DR
Bennett Phillips Luton
199a High Road
WELL PRESENTED SHOPFRONT PREMISES CURRENTLY TRADING AS A TEA SHOP
LEASE FOR SALE
(NEW LEASE AVALABLE SUBJECT TO LANDLORDS CONSENT)
5a FOREST ROAD
The premises currently trade as a Tea Room & are presented in excellent condition throughout, laid out to comprise a sales area with kitchen/prep area at in the rear & WC facilities. Approx floor area’s & dimensions are as follows: GF 12”6’ (3.81m) SD 33” 3’ (10.13m) SW 8” 9’ (2.66m) Sales area 291sq ft (27.06m sq) Prep area 33sq ft (3.06m sq)
Excellent condition throughout 2 x temperature control units Electric shutters Tiled floor 14 Covers Alarm To include all existing fixtures & fittings
Our client entered into a 10-year FRI Lease in February 2014 however, we understand the Landlord is prepared to grant a new FRI Lease for a term to be agreed, subject to periodic upward only rent reviews & being satisfied as to the proposed new tenants covenant & them providing acceptable references. RENT DEPOSIT: A minimum 3 month rent deposit will be required by the Landlord, held for the term & which may need to be increased depending on the ingoing tenants covenant & residential status.
PASSING RENT: £13,000 pax. We understand from our client that to consider granting a new Lease, their landlord will be looking for an increase to £15,000pax, paid quarterly in advance. PREMIUM: £24,000 for the benefit of our client’s Leasehold interest, to include all existing fixtures & fittings.
According to the Valuation Office Agency website www.voa.gov.uk website, the Rateable Value is £10,500. We believe the property will be exempt from business rates in the event the tenant does not occupy any other business premises however, interested parties are advised to make their own enquiries to the Local Authority to verify whether they are entitled to full or part relief.
The ingoing tenant is to be responsible for the Landlord's reasonable legal fees borne in this transaction.
Immediate upon completion of legal formalities.
Strictly by appointment
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