Restaurant Investment Shoreham-by-Sea

LOCATION  
The property is situated within the main high street of Shoreham with high traffic flow being the main coastal link to Brighton with additional footfall provided from a good mixture of retailers including Prezzo’s Restaurant, Subway, Boots the Chemists and several high street banks.

DESCRIPTION
The building forms part of the Tosca restaurant business, which expanded back in 2009 to the adjoining unit next door. The property is situated within the main high street of Shoreham with an extensive level of passing trade, both traffic and pedestrian.

The ground floor is let out with the two flats on the upper floors sold off on long leases with ground rent being annually produced for each unit.

LEASES
Let to Tosca Restaurant - 15 year lease with approx 10 years remaining, Rental £27,500 per annum
Ground rental income - £200 per annum

Total Rental income £27,700 per annum   

FREEHOLD
Offers are invited in the region of £350,000 for the freehold interest, subject to the existing leases in place.

A purchase at this level would offer a Net initial yield of 7.61% after standard purchaser’s costs at 3.85%.

LEGAL COSTS
Each party will be responsible for their own legal costs in relation to the transaction.

BUSINESS RATES
Interested parties should contact the local council for the Business rates payable upon the properties.

EPC
An EPC report is currently being prepared and will be available for all interested parties.

VAT
May be chargeable on this transaction, interested parties must make their own enquiries.

VIEWING
For further information or to arrange a viewing then please contact Sol Agents:

Bacon & Co Commercial
Richard Lowrey      
richard@bacon-commercial.co.uk    
Tel: 01903 767679 or 07725723021

These particulars are set out as a general outline of the property and are prepared only for the guidance of an intended purchaser or lessee.  They do not constitute or constitute part of any offer or contract.  All descriptions, dimensions, conditions and necessary permissions for use or occupation are given in faith but should not be relied upon as an accurate statement.  Any purchaser or tenant should make their own enquiries prior to making any form of offer on the premises.  The vendors, lessors or any representative of Bacon Brooker Commercial do not have any authority to give any representation or warranty whatsoever in relation to the premises.