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Investment - Restaurant and flat for sale: IG10 4LF
High Road, Loughton, Essex, IG10 4LF | Ref: 5006
For sale
£1,200,000

COMMON USE CLASS: A3 Restaurants and Cafes, C2 Residential Institutions, Sui_generis_1

** RESTAURANT & FLAT FREEHOLD INVESTMENT FOR SALE ** - Situated on High Road, Loughton, where there are many banks and cafes/restaurants as well as a number of multiple retailers such as Marks and Spencer, Magnet Kitchens and New Look. Comprising a ground floor restaurant of approximately 1,350 sq ft (125.4 sq m) which trades as 'T & G's Tapas Bar & Bistro'. The premises were refurbished earlier this year and comprise a bar, seating area, kitchen and toilets. At first floor level is a 3-bedroom self-contained flat which was redeveloped in 2019. The total current income for both the restaurant and flat is £59,800 per annum. Please call CLARKE HILLYER on 020 8501 9220 for further information.

Location 

Situated on High Road, Loughton, where there are many banks and cafes/restaurants as well as a number of multiple retailers such as Marks and Spencer, Magnet Kitchens and New Look. Pay and display parking is available on the street, and there is a large car park behind Marks and Spencer. Loughton Station (Central Line) provides services to London. Access to the motorway network is via Junction 26 of the M25 at Waltham Abbey or via Junction 5 of the M11 at Loughton (southbound only).

 

Description 

Comprising a ground floor restaurant of approximately 1,350 sq ft (125.4 sq m) which trades as 'T & G's Tapas Bar & Bistro'. The premises were refurbished earlier this year and comprise a bar, seating area, kitchen and toilets. At first floor level is a 3-bedroom self-contained flat which was redeveloped in 2019.

 

Tenancies 

Restaurant: let on a 15 year Full Repairing and insuring lease from February 2019 at a rent of £40,000 per annum, payable quarterly. There are rent reviews every 5 years and a tenant's break clause after 10 years. The lease is outside of the Landlord & Tenant Act 1954.

Flat: let on a 12 month Assured Shorthold Tenancy agreement from January 2020 at a rent of £1,650 per month.

Terms 

The freehold, subject to the existing tenancy agreements, is available for £1,200,000.

Viewings 

Strictly via agents Clarke Hillyer on 020 8501 9220.

EPC 

The restaurant has an Energy Performance Certificate rating of C, whilst the flat has an Energy Performance Certificate rating of D.

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