Restaurant/cafe for sale in Little Square, Braintree, Essex CM7

Retail investment premises approximately 1,823 sq ft. Subject to a leaseback the property will generate an income of £35,000 per annum with a gross initial yield of 7.3%.

Description

The property consists of two floors of concrete frame construction with brick elevations. The ground floor is open plan with a fitted kitchen and seating area with stairs located centrally leading up to the first floor which provides further seating, an office and two w/c’s. Externally the premises benefits from seating for 16 covers. We understand the property will be available on a virtual freehold from Eversquare Properties Limited for a term of 999 years from 10th May 2002 until 9th May 3001 at a peppercorn rent.

The owner/occupier agrees that a lease would be completed simultaneously with the sale completion. The terms of the lease would be a 20 year lease with 5 yearly rent reviews and an option break at year 5 at an intial rent of £35,000 per annum. The property will generate an income of £35,000 per annum which will reflect a gross initial yield of 7.3%.

Location

The subject property is located in the centre of the Braintree retail area. The property fronts onto a small pedestrian square adjacent to a hair dressers and close to a solicitors office & an estate agents.

Accommodation

The property extends to a gross internal area of approximately - 1,823 sq ft (169 sqm).

Terms

The virtual freehold of property is available with the asking price £475,000 subject to the lease back.

Services

The property has mains electricity, water and drainage. Please note Joscelyne Chase has not tested any of these services.

Rateable value

The current rateable value is £15,750 and is described as a Cafe and premises. Applicants are welcome to make enquiries with Braintree District Council, T. Regarding the business rates.

Legal fees

Each party is responsible for their own legal costs.

Energy performance certificate (EPC)
The property has an energy rating C (60). Please contact our office if you would like a copy of the full report.

Anti-money laundering regulations

Joscelyne Chase are required to formally verify prospective purchaser’s identity, residence and source of funds prior to instructing solicitors in order to comply with anti-money laundering regulations.

Viewing

Strictly by appointment with Joscelyne Chase, please contact the Commercial Department.<br /><br />