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Sought after restaurant/residential investment in a popular Central London location
The property is located in Marylebone an affluent and vibrant Central London neighbourhood located within the City of Westminster. Marylebone comprises a mix of offices, high class restaurants and diverse shopping. These are centred around Marylebone High Street and the nearby Edgware Road. Public transport links are excellent with London Marylebone Station (Bakerloo, Overground and National Rail) located to the north of Marylebone Road and within a few minutes walk away from the property. Edgware Road Underground Station (Bakerloo Line, District, Circle) and Baker Street Underground Station (Bakerloo, Jubilee, Metropolitan, Hammersmith & City and Circle Lines) are both within easy walking distance to the premises. The area of Marylebone is also highly accessible via road with the A40 Marylebone/Euston Road providing access to Heathrow Airport via the M25 and the M4 to the west and direct access to Marylebone, London Euston & Kings Cross St Pancras stations to the east. Numerous bus routes operate along Baker Street and Marylebone Road, connecting both the West End and the City.
- Highly Reversionary income
- Small Lot Size
- Current passing rent £16,550 pa
The property itself is located within 100 metres of Marylebone Road on the eastern side of Seymour Place close its junction with York Street. There a numerable buses running along the Marylebone Road serving all areas of London.
The building which is mid terrace is of brick construction under a mansard roof with accommodation arranged over basement and ground floor restaurant with self contained residential upper parts on the first to third floors and a fourth floor mansard conversion, with access from Seymour Place.
The property offers the following :
Ground floor Restaurant
Net Internal width 10ft 3 3.12m
Zone A 262 sq ft 24.34 sq m
Zone B 200sq ft 18.58 sq m
Overall Area 462 sq ft 42.9 sq m
Basement 475 sq ft 441.3 sq m
First Floor 3 room Kitchen & bathroom
2nd Floor 3 rooms plus bathroom
3rd Floor 3 rooms plus bathroom
4th Floor 2 rooms plus bathroom
The ground floor and basement are let to Seymour Catering Ltd on a 5 year FRI lease from 25th June 2016 at a rental of £16,500 pa. This restaurant is substantially under let with an ERV of £35,000 pa. The upper floor residential is all sold off on long occupational leases. Flat 1 for 99 years from 25th December 1995 at a g/r of £50 pa. There is 77 years remaining so an opportunity exists to negotiate a lease extension for a premium.
Available on request
We have been instructed by the vendor to seek offers in excess of £475,000 subject to contract for the freehold interest.
The property is not elected for VAT and VAT will not be payable on the purchase price.