Long Income leisure investment opportunity let until May 2030 (without breaks) at the passing rent of £37,500 per annum.
The property comprises an end terrace building with brick elevations under a flat roof and has been trading as an Italian restaurant since 1961. The property currently trades as Rosa 12.
Internally the property comprises restaurant seating across basement, ground and first floors offering 150 covers, with kitchen and preparation areas over ground and basement. There is a private function suite at basement level with additional bar area.
The property is located in Low Fell, a Gateshead suburb approximately 3 miles south of Newcastle upon Tyne and 12 miles north of Durham.
The property fronts Durham Road, (A167), which is a busy street between Gateshead in the north and Birtley in the south. As well as strong road connections, there are a number of bus services in Low Fell and the nearest Metro Station is approximately 2 miles to the north at Gateshead Interchange.
Low Fell has a population of approximately 9,000 and Durham Road is the main shopping destination to the area, comprising a mix of strong national and local retailers including Greggs, Subway, Boots, Betfred among others.
The property has the following internal floor areas:
Basement – 987 sq ft / 91.7 sq m
Ground – 1,213 sq ft / 112.72 sq m
First – 1360 sq ft / 126.4 sq m
Total – 3,561 sq ft / 330.82 sq m
The property is let to Safari Estates Limited with personal guarantee on a 15 year lease from 22 May 2015 therefore expiring on 21 May 2030. The rent was increased at rent review to £37,500 per annum with effect from 22 May 2018. The tenant has a duty to keep the property clean and tidy and in full and good repair and condition.
The property has an EPC rating of C(57)
All prices quoted are exclusive of VAT, where payable.
Offers in excess of £450,000 are invited for the freehold interest of the property. A sale at this level reflects a net initial yield of 8.00% allowing for purchasers costs of 4.47%
Each party is to be responsible for their own costs incurred in the transaction.
ANTI-MONEY LAUNDERING REGULATIONS
In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.