26068 Suffolk Prominent Restaurant Investment | | Ipswich Suffolk | | Prominently located freehold A3 investment opportunity Currently let to Cafe Rouge, Circa 10.5 years unexpired Head rent £55,294 pa reflecting a Net Internal Yield of 8.7% More recently underlet to a Oriental Buffet Restaurant | | BUSINESS FOR SALE ADVERT DETAILS ADVERT NUMBER : 72624
ADVERT IMPRESSIONS : 8,586 TIME(S) | | | | BUSINESS SECTOR: | Commercial Property | | TRADE TYPE: | Investment Properties | | SALE: | Agent Sale | FREEHOLD: | £600000 | | | | | | | | | | Add this business advert to your: | | | | | | | | | | | | | | | BUSINESS DETAILS: | The property occupies a prominent corner location on the junction of Carr Street, Old Foundry Road and Upper Orwell Street, with St Margarets Street directly opposite. The location is locally known as Majors Corner. Close by are The Ipswich Regent Theatre and multiple retailers such as Maplins, Sports Direct, QD, Superdrug, Somerfield’s and Argos.
The Property
The property benefits from a ground floor restaurant with preparation and service area, with first floor kitchen and storage accommodation.
Public Areas
Restaurant – currently open plan and laid for up to 180 covers with bar servary, buffet counters and ladies & gentleman’s WCs.
Accommodation (All dimensions and areas are approximate)
Gross Frontage 52’ 0” 15.8 m
Internal Width (max) 48’ 0” 14.6 m
Site Depth 85’ 0” 25.9 m
Ground Floor 3,358 sq ft 312.0 sq m
First Floor 2,785 sq ft 258.7 sq m
Lease
The property is currently let in its entirety to Cafe Rouge (part of the Tragus Group) on a 25 year full repairing and insuring lease from the 25 June 1997. There are upward only rent reviews every 5 years and a passing rent of £55,294 per annum. Cafe Rouge themselves have not operated from the property since early 2000 and in more recent times it was under-let to a Chinese Buffet operator at a rent of £30,000 per annum by way of a sub-lease.
Covenant
Cafe Rouge is a subsidiary of the Tragus Group who is one of the UK’s largest casual dining groups with over 285 restaurants trading under various branded names. The group’s turnover in 2010 was £274.4 million and they are backed by the Blackstone Group.
Fixtures and Fittings
We are advised that the loose trade fixtures and fittings are free from loan, lease or hire purchase agreements.
Business Rates
Interested parties are advised to make their own enquiries with the relevant local authority Ipswich Borough Council on 01473 432000. Further details are available from www.voa.gov.uk.
Services
We are informed that all mains services to the property are connected.
Asking Price
On behalf of our client we are seeking offers for the Freehold investment in excess of £600,000, reflecting a net initial yield of 8.7% after allowing purchasers costs of 5.8%. | | | | | | FOR SALE | | | | | REFERENCE: | 26068 / RightBiz | | | | | | Request more information about this business.. | | ENQUIRIES: | | | | CONTACT SELLER TO GET THE SELLERS DIRECT CONTACT DETAILS AVAILABLE TO MEMBERS ONLY | | | | | | | | | | | |
