The city of Durham lies approximately 18 miles to the south of Newcastle Upon Tyne, 15 miles west of Sunderland and approximately 20 miles from Teesside and Darlington. The city boasts the world heritage sites Cathedral and Castle complex in the heart of the city centre.
The mainline railway station lies approximately ¼ of a mile from the subject property at the top of North Road allowing easy access north and south by the main East Coast intercity railway network. The subject property occupies a prominent position on the junction of Court Lane and Elvet Crescent opposite The Court Inn and in close proximity to a number of local amenities. Parking is available on Old Elvet.
The subject property is an extension of Cathedrals residential apartments and forms a restaurant split over ground and first floor serving Asian cuisine with an exceptional fit out benefitting from bar area and external terrace. The demise also includes a 5 bedroomed apartment over the rear kitchens.
The property is to be let to Zen UK Limited on a new 15 year lease who have been in occupation for 12 years. Full accounts can be provided and turnover is currently £1.7m.
Description RV Estimated Rates Payable
Restaurant & Premises £31,000 £14,880
We are advised that the rateable value of the premises as at 1 April 2018 is £31,000 and we have estimated the accrual rates payable for the current year above. This is based on the standard Small Business Rate of 48.0p in the pound. However, interested parties should confirm the current position with the Local Authority.
Offers are invited for our Client’s Freehold interest in the region of £1,250,000 (One Million Two Hundred and Fifty Thousand Pounds)
The proposed rent is £104,000 per annum upon completion. This reflects a net initial yield of 7.85% after purchaser’s costs.
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.
Each party is to bear their own legal costs involved in the transaction.
For general enquiries and viewing arrangements please contact Peter Bartley or Joseph I’Anson at Bradley Hall.
Tel: 0191 383 9999