Prime Restaurant Investment
Price £900,000
Share This:
Type
Status
Investment
For Sale
Location
Londonderry is Northern Ireland's second largest city with a population of c.100,000 people and a catchment population of c.240,000 people.
It is the major administrative, tourist and cultural centre for the North West of Ireland and in addition to the University of Ulster and Altnagelvin Regional Hospital major employers include Seagate, Allstate and Axa.
The unit occupies a prime position at the Level 1 entrance to the Richmond Centre on Shipquay Street with nearby occupiers including Vodafone, Warren James and Caffe Nero. The Richmond and Foyleside Centres provide the city's main retailing facilities.
Description
The unit is arranged on ground floor only providing c.3,143 sq.ft. (292 sqm).
Tenure and Tenancy
The property is held long leasehold for 999 years at a rent of £1 per annum if demanded and is let in its entirety to Nando's Chickenland Limited on a 20 year effective full repairing and insuring lease* from 13th January 2014 subject to 5 yearly upward only rent reviews at a passing rent of £80,000 pax. The tenant has the benefit of a break clause on 13th January 2029.
*Under the terms of the Nando's lease the tenant is responsible for all internal repairs and through the service charge all external repairs and maintenance.
Established in 1987 Nando's are one of the United Kingdom's major fast food retailers with 463 restaurants including 8 in Northern Ireland and 12 in the Republic of Ireland and employ over 16,000 people.
Price
Offers in excess of £900,000 exclusive are sought for the benefit of the long leasehold interest. A purchase at this level reflects a net initial yield of c. 8.5% after the deduction of purchasers costs.
VAT
Please note all prices and outgoings are quoted net of VAT which may be chargeable at the prevailing rate.
