LONG INCOME LEISURE INVESTMENT 44447777 ... · Istanbul Grill is a Mediterranean restaurant and cocktail bar. There are currently 4 restaurants trading as Istanbul Grill in Greater

LONG INCOME LEISURE INVESTMENTLONG INCOME LEISURE INVESTMENTLONG INCOME LEISURE INVESTMENTLONG INCOME LEISURE INVESTMENT 44447777 SSSSttttaaaattttiiiioooonnnn RRRRooooaaaadddd,,,, UUUUrrrrmmmmssssttttoooonnnn,,,, MMMMaaaannnncccchhhheeeesssstttteeeerrrr MMMM44441111 9999JJJJGGGG

INVESTMENT CONSIDERATIONSINVESTMENT CONSIDERATIONSINVESTMENT CONSIDERATIONSINVESTMENT CONSIDERATIONS

• Highly prominentHighly prominentHighly prominentHighly prominent and unique leisure investmentleisure investmentleisure investmentleisure investment let to a popular local

restaurant occupier.

• Located in Urmston, an affluent South Manchester town.an affluent South Manchester town.an affluent South Manchester town.an affluent South Manchester town.

• Large Grade II listed Grade II listed Grade II listed Grade II listed property extending to 4,763 sq ft (442.5m4,763 sq ft (442.5m4,763 sq ft (442.5m4,763 sq ft (442.5m2222).).).).

• Freehold.Freehold.Freehold.Freehold.

• Successful restaurant operator ISTANBUL ISTANBUL ISTANBUL ISTANBUL GRILLGRILLGRILLGRILL has been trading from the

premises for over 4 years.

• New Fully Repairing and Insuring Fully Repairing and Insuring Fully Repairing and Insuring Fully Repairing and Insuring lease from 11110000thththth October 2018October 2018October 2018October 2018 for a term

certain of 15 years providing an unexpired lease term of 14.9 years.unexpired lease term of 14.9 years.unexpired lease term of 14.9 years.unexpired lease term of 14.9 years.

• Passing rent of £21,000 per annum.Passing rent of £21,000 per annum.Passing rent of £21,000 per annum.Passing rent of £21,000 per annum.

• We are instructed to invite offers in the region of £2£2£2£288885,000 subject to 5,000 subject to 5,000 subject to 5,000 subject to

contract and exclusive of VAT. contract and exclusive of VAT. contract and exclusive of VAT. contract and exclusive of VAT. An offer at this level reflects a Net Initial Net Initial Net Initial Net Initial

Yield of Yield of Yield of Yield of 7777....24242424% % % % and a low capital value of £low capital value of £low capital value of £low capital value of £59595959/psf./psf./psf./psf.

LOCATIONLOCATIONLOCATIONLOCATION

Urmston is an affluent South Manchester suburb situated approximately 4

miles south of Manchester City Centre, 6 miles from Altrincham, 7 miles from

Hale and 14 miles from Wilmslow.

The area benefits from good local transport infrastructure with Urmston

tram station located approximately 4 minutes’ walk from the property.

14 MILES14 MILES14 MILES14 MILES

From WilmslowFrom WilmslowFrom WilmslowFrom Wilmslow

4 MILES4 MILES4 MILES4 MILES

South of South of South of South of

Manchester City Manchester City Manchester City Manchester City

CentreCentreCentreCentre

6 MILES6 MILES6 MILES6 MILES

From AltrinchamFrom AltrinchamFrom AltrinchamFrom Altrincham

Urmston train station provides easy access into Manchester City

Centre with services running to Deansgate and Oxford Road train

stations every 30 minutes with journey times taking 13 minutes and 16

minutes respectively.

-

DESCRIPTIONDESCRIPTIONDESCRIPTIONDESCRIPTION

The property comprises a unique Grade II listed building built in

the 1930’s which was formerly used as a billiards hall and Indian

restaurant. The restaurant is fit out to a high standard

throughout keeping the buildings character with exposed

timber beams, timber floors, exposed brickwork and open

kitchen.

The property is currently configured to provide an attractive

lobby/entrance with disabled access to the front leading to the

bar area and lounge / seating area near the entrance. The

restaurant caters for 150 covers throughout the middle of the

property with seating arranged on different levels. To the rear

of the property is the open kitchen and W/C facilities.

Additional storage and cold stores are located on a mezzanine

above the kitchen. Externally, the site is self-contained with a

small yard to the rear accessed via two rear entrances.

ACCOMMODATIONACCOMMODATIONACCOMMODATIONACCOMMODATION

The property has been measured on a Gross Internal Area (GIA)

basis in accordance with the RICS Property Measurement 1st

Edition and extends to:

Ground FloorGround FloorGround FloorGround Floor 4,763 sq ft 4,763 sq ft 4,763 sq ft 4,763 sq ft (442.5m(442.5m(442.5m(442.5m2222))))

MezzanineMezzanineMezzanineMezzanine 896 sq ft896 sq ft896 sq ft896 sq ft (83.25m(83.25m(83.25m(83.25m2222))))

TENANCY INFORMATIONTENANCY INFORMATIONTENANCY INFORMATIONTENANCY INFORMATION

The lease has recently been re-geared to a newly formed company

EGE 48 Limited (CRN. 11029230) EGE 48 Limited (CRN. 11029230) EGE 48 Limited (CRN. 11029230) EGE 48 Limited (CRN. 11029230) at an initial rent of £21,0initial rent of £21,0initial rent of £21,0initial rent of £21,000000 per 0 per 0 per 0 per

annum annum annum annum (exclusive plus VAT) (exclusive plus VAT) (exclusive plus VAT) (exclusive plus VAT) for a term of 15 years from and

including 10th October 2018 and expiring expiring expiring expiring 9999thththth October 2033October 2033October 2033October 2033 providing

an unexpired lease term of 14.9 yearsunexpired lease term of 14.9 yearsunexpired lease term of 14.9 yearsunexpired lease term of 14.9 years to expiry with no break clause.

The lease provides for upwards only rent reviews on the fifth and

tenth anniversaries of the term to open market rental value (OMRV).

COVENANTCOVENANTCOVENANTCOVENANT

Istanbul Grill is a Mediterranean restaurant and cocktail bar. There are

currently 4 restaurants trading as Istanbul Grill in Greater Manchester

and another in Cheshire which has been rebranded as Topkapi

Palace. Each restaurant has been opened and established by the

same restaurant owner and has been subsequently sold onto staff in

each instance. The restaurants are owned and operated

independently.

Istanbul Grill Urmston was established over 4.5 years ago as Istanbul

Grill (Urmston) Limited and we are informed by the tenants they

trade very well.

VATVATVATVAT The property is elected for VAT and it is the intention to treat this transaction as a Transfer of a Going Concern (TOGC).

EPC EPC EPC EPC EPC exempt.

TENURETENURETENURETENURE Freehold.

PROPOSALPROPOSALPROPOSALPROPOSAL We are instructed to invite offers in the region of £2£2£2£288885,000 subject to 5,000 subject to 5,000 subject to 5,000 subject to contract and exclusive of VAT. contract and exclusive of VAT. contract and exclusive of VAT. contract and exclusive of VAT. An offer at this level reflects a Net Initial Net Initial Net Initial Net Initial Yield of Yield of Yield of Yield of 7777....24242424% % % % and a veryveryveryvery low capital value of £low capital value of £low capital value of £low capital value of £59595959/psf./psf./psf./psf.

VIEWINGSVIEWINGSVIEWINGSVIEWINGS Strictly by appointment with the sole agents: W T Gunson

For the attention of: Neale Sayle T 0161 833 9797 EEEE [email protected]@[email protected]@wtgunson.co.uk