6 little britain - Robert Irving Burns

CENTRAL LONDON RESTAURANT/BAR INVESTMENT OPPORTUNITY
6 LITTLE BRITAIN
LONDON, EC1
LONG-LEASEHOLD INTEREST FOR SALE
INVESTMENT SUMMARY
Prime Central London investment opportunity fronting Little Britain and King Edward Street.
Currently let on assignment to Establishment HM Limited (t/a 'Le Paris Grill') with the lease expiring
December 2032, with a passing rent £115,000 per annum.
Long-leasehold interest 150 years from December 1991 (circa 127 years unexpired) at a peppercorn .
Guide price £1,900,000 (One Million & Nine Hundred Thousand Pounds), subject to contract. .
Reflects a Net Initial Yield (NIY) of 5.72% after accounting for purchaser's costs of 5.8%.
LOCATION
DESCRIPTION
The subject property is located on Little Britain on the corner of King Edward
Street. Occupiers within the immediate vicinity include: Bank of America, Merrill
Lynch, AXA Investment Management UK, Osborne Clarke and Javelin Group.
The subject property comprises of a Lower Ground and Ground Floor A3/Wine Bar,
benefitting from extensive corner window frontage.
The Crossrail Development at Farringdon Station (due for completion in 2018) will
mean that Farringdon Station is to become one of the busiest transport hubs in
London.
The subject property benefits from excellent transport links with St. Pauls,
Barbican and Farringdon Stations all within close proximity.
FLOOR AREAS1:
FLOOR
GROSS INTERNAL AREA
GROUND
LOWER GROUND
TOTAL
SQ. FT.
1480
4362
5842
FLOOR
NET INTERNAL AREA
GROUND
LOWER GROUND
TOTAL
SQ. FT.
1125
2028
3153
SQ. M.
137
405
542
SQ. M.
105
188
293
NB The above floor plans were provided by ‘Planaid’. Interested parties are
recommended to satisfy themselves and verify the measurements in due course.
TENANCY
The lease is dated from December 1997 for a term of 35 years, thus due to expire in December 2032 (circa 18 years unexpired). The passing rent is £115,000 per
annum exclusive.
The premises are let to the Establishment HM Limited (trading as 'Le Paris Grill') on assignment from The Spectator Limited. The occupational lease is subject to
an Authorised Guarantee Agreement with personal guarantees. Establishment HM Limited have an above average financial stability assessment score. The net worth
of the company is £293,000 (December 2013).
Le Paris Grill is a family run establishment, run for over 35 years. The family have two restaurants in London, the other is situated in Tower Hill.
TENURE
Long-leasehold for a term of 150 yeears from December 1991 at a peppercorn ground rent. There is circa 127 years currently unexpired on the long-leasehold
interest.
VAT
The property is NOT elected for VAT.
EPC
The subject property is rate E with a score of 104.
PROPOSAL
Guide price of £1,900,000, subject to contract, for the benefit of the long-leasehold interest. This reflects a Net Initial Yield of 5.72% after accounting for purchaser's
costs of 5.8%.
FURTHER INFORMATION
Misrepresentation Act. 1967.
These particulars are intended only to give a
fair description of the property and do not
form the basis of a contract or any part
thereof. These descriptions and all other
information are believed to be correct but
their accuracy is no way guaranteed.
For further information or to arrange a viewing, please contact the sole agents Robert Irving Burns:
Ben King
Damien Field
ben@rib.co.uk
damien@rib.co.uk
0207 927 6331
0207 927 0620
FLOOR PLANS
Lower Ground Floor:
Ground Floor: