A fantastic opportunity to purchase a fully fitted restaurant located in a prime trading position on North Street on the borders of Bedminster and Southville. The restaurant measures approx 650 ft² and benefits from a commercial kitchen (with commercial extraction), an alcohol Premises License, and a large enclosed terrace to the rear.
The restaurant is available by way of a lease assignment, with an ingoing premium of £50,000 and an annual rent of just £8,500. Ideal for experienced operators or those looking to step into a vibrant and popular hospitality location.
DESCRIPTION -
A fantastic opportunity to purchase a fully fitted restaurant located in a prime trading position on North Street on the borders of Bedminster and Southville. The restaurant measures approx 650 ft² and benefits from a commercial kitchen (with commercial extraction), an alcohol Premises License, and a large enclosed terrace to the rear.
The restaurant is available by way of a lease assignment, with an ingoing premium of £50,000 and an annual rent of just £8,500. Ideal for experienced operators or those looking to step into a vibrant and popular hospitality location.
LOCATION -
The restaurant is located in a busy trading position on North Street. Notable neighbouring operators include Local and Kask.
BUSINESS RATES -
The rateable value with effect from April 2023 is £7,900. We therefore expect those eligible for small business relief could benefit from nil rates at this time. However, we advise all interested parties to confirm directly with Bristol City Council.
ACCOMODATION -
The premises is arranged as a restaurant to the front with rear kitchen, wc and the added benefit of a sizable and enclosed rear terrace.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: B - valid to March 2031.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied upon.
LEASE DETAILS -
The premises is offered for sale based on an assignment of the current term. The lease is drafted for a term of 15 years from March 2022 at a rent of £8,500pa. There is a rent review in 2026 (and every third anniversary thereafter) although the increase is capped at no more than a 10% increase. There is a tenant only break option in 2028 and a further mutual break in 2032. A copy of the lease is available on request. The outgoing and ingoing tenant are to incur their own respect legal fees, but the landlords legal fees are to be split equally between the outgoing and ingoing tenant.
TENANT APPLICATION FEE -
The ingoing tenant will be charged an application fee of £300 plus VAT (£360 inc VAT) towards the costs incurred in undertaking appropriate credit and reference checks. Accounts will be requested where available and a deposit and/or personal guarantee may be required.
CONTROL OF ASBESTOS REGULATIONS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
VIEWINGS -
By appointment.
