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Hotel/Costa Coffee/Offices to let in London

246 and 254 Edgware Road, London W2
To rent
POA

COMMON USE CLASS: A3 Restaurants and Cafes, B1 Business, C1 Hotels

russell-lewis
This property is marketed by:
Russell Lewis

Description

The properties comprise a 45-bedroom hotel with en suite facilities, a spacious Penthouse Apartment with Roof Terrace, a branch of Costa Coffee and separate self-contained suite offices.

Location

The buildings are located on Edgware Road, being a short walk from Edgware Road Station and opposite The Hilton Metropole Hotel.

Accommodation

1. The Hotel and Penthouse with Roof terrace trade as “Sonder”

2. An operational Costa Coffee, which will be subject to a new Lease.

3. Lower Ground Floor self-contained Offices which will be subject to a new Lease

Tenancies/Income

1. The Hotel and Penthouse is subject to a recently granted 5-year term, at a commencing rent of £1,000,000 per annum exclusive. There is a tenant’s option to renew for a further 5 years and the Lease is subject to

Indexation with annual uplifts from Year 3, allowing up to a 3.5% per annum rental uplift.

The tenant is 100% owned by Sonder Europe, guaranteed by Sonder Canada Inc. and with a Rental Deposit of £1,000,000

2. The Costa Coffee is operated under Franchise by Costa Catering Ltd, by way of a new 15-year FRI Lease, subject to five yearly rent reviews, at a commencing rent of £125,000 per annum exclusive

3. The Offices will be subject to a new Lease for a term by arrangement at a rent of £70,000 per annum exclusive

Terms

The Freehold interest is available, subject to the initial Income of £1,195,000 per annum exclusive.

Price

Upon Application.


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