City Centre Retail Lease Assignment
Description: The property comprises a retail unit arranged over a ground floor and basement. The property benefits from a prominent wide glass frontage facing onto Grainger Street. The unit has a modern fit out and is currently utilisted as a café but the property is suitable for a range of uses under use class E.
Location: Prominently situated on Grainger Street, the subject property enjoys a prime pitch in the city centre. The property is situated on the northern side of Grainger Street which is near to Grey’s Monument and the Grainger Market. Notable occupiers in the area include McDonalds, Taco Bell and Start Fitness. The property is situated approximately 0.1 miles from Monument Metro Station, and Greys Street. Grainger Street is a highly sought after retail destination in the city centre.
Tenure: The premises are available by way of an assignment of the existing lease dated 29 October 2024 for a term of 10 years, expiring 28 October 2034. The current passing rent is £45,000+VAT per annum. The lease incorporates a tenant-only break option on 28 October 2029, subject to a minimum of six months' prior written notice and compliance with the conditions of the lease. An upward-only open market rent review is provided for on 29 October 2029. The lease permits use of the premises as a dessert café within Use Class E(b). Alternative uses may be considered subject to landlord and statutory consents. Assignment of the whole is permitted subject to the landlord's consent and satisfactory covenant status. An AGA and/or guarantor may be required. A service charge and insurance rent are payable. Further details are available upon request.
Size:
Basement - 160.4 sqm / 1,727 sq ft
Ground Floor - 129.4 sqm / 1,393 sq ft
Total - 289.8 sqm / 3,120
EPC: B(45)
Rating Assessment: The rateable value of the premises as of 1st April 2026 is £74,000 meaning the estimated rates payable are £36,926
Terms: The current lease is available to assign with an annual rent of £45,000+VAT.
Premium: A premium of £20,000+VAT is sought for the fixtures and fittings of the business
