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New commercial `lease in place
Total Revenue £45,140 per annum
Current Tenant 13 Year Lease Remaining
Investment Yield Circa 5.5%
Strong trading location
High Value Property Area
EPC - C
REF 6395 – Investment Property
Blacks Brokers are pleased to bring to the market this freehold investment opportunity located in the much sought-after area of Clapham, London.
3 Cavendish Parade is currently tenanted and operates as fully fitted restaurant. This has been owned by our client since the early 1990’s and was originally an Indian restaurant. It has since also operated as a grill and bar. The property is now tenanted with a new lease that started March 2019 on a 15 year term paying £45,000 per annum. The property has an A3 licence in place and is very close to Clapham Common which is a very popular London location that hosts a variety of events during the year.
Located on the busy A24 on the edge of Clapham Common South, this trading position is well linked with the South Circular Road and in close proximity to Clapham South Tube Station. The property is positioned on a busy junction within a parade of businesses and eateries, close to a densely populated residential area. Public transport links are excellent and parking is available close by.
REASON FOR SALE
The freehold is offered for sale due to our client’s other business interests.
The building is available on a competitive rent on a Full Repair and Insure lease (FRI lease). This is the most common form of commercial property lease. The new lease will commenced March 2019 for 5 years at a cost of £45,000 per annum. The lease covers the ground and lower ground floors. The first floor is not included in the commercial lease. There are flats on the first and second floors and both are currently tenanted residentially on a 189 year term lease that commenced in July 1982 at an annual rent of £70 each. Therefore total annual revenue generated by this property is currently £45,140 per annum provided a yield of 4.75%.
BUILDING LAYOUT AND DESIGN
The restaurant is positioned within the ground floor of this large, three storey, mid-terraced property. To the front of the property is a large, decked area offering seating for up to 26. The frontage is fully glazed with space above for new branding and signage. Inside. The restaurant offers seating for 50 and is presented nicely in a rustic style, with wooden wall coverings, tiled flooring and free standing tables and chairs. The bar, kitchen and food preparation area are all positioned to the rear. The kitchen is fully equipped with air extraction system and walk in cold room along with stainless steel worktops, commercial ovens, grills and much more. The bar is fitted with glass washer, ice cube maker and wine chiller. The lower ground floor contains storage rooms and customer toilets. Each area of the business has been finished carefully and is presented well. Air conditioning is fitted throughout.
This premises offers a steady return on investment of 4.75% with the commercial lease only commencing in March 2019. This is a superb trading position in a busy area of Clapham close to a residential community and tourist attractions. Early viewings are strongly advised.
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