The property was probably built some 20-30 years ago. The current business was established in 2006, some 16 years ago and comprises a ground floor restaurant with bar off together with toilet facilities, with kitchens to the rear. At first floor level there is a further seating area together with customer toilets.
At the front of the property there is a communal car park capable of accommodating up to 20 cars.
The restaurant operates 7 days a week, evenings only, opening at 5.30 pm.
The property is of traditional construction with 10.6” cavity brick internal walls and a pitched roof surface with concrete tiles. The property has the benefit of PVC guttering and downpipes together with PVC windows.
Location
Oakwood is situated approximately 3-4 miles northeast of Derby City Centre. It is located between Chaddesden and Breadsall.
It is a modern housing estate, built mainly in the 1980’s and 1990’s and subsequently extended. It is an extremely popular residential area.
This property forms part of a neighbourhood development consisting of four shops and a Co-op Convenience Store. The adjacent shops are occupied as a hairdressers, coffee shop, Chinese Takeaway and Indian Restaurant (the subject property).
Smalley Drive is situated towards the north-eastern corner of Oakwood. It runs in a westerly direction from its junction with Morley Road to connect internally with Springwood Drive.
This property is situated on the southern side of Oakwood Road, approximately half a mile from the junction with Morley Road. To the rear of the property is open space. At the front of the property is Lime Lane Local Nature Reserve. To the east of the property there is Busy Bees Day Nursery.
Accommodation
The property has the following accommodation:-
Ground Floor Area incorporating Restaurant with seating for 32 people together with rear kitchens - 88.44 sq m (952 sq ft)
First Floor additional Restaurant area with seating for 26 people together with customer toilets and cold store - 80.26 sq m (864 sq ft)
Total - 168.70 sq m (1,816 sq ft)
Terms
Tenure - Freehold.
Tenancy - The property is let to four individuals trading as Mahmaan Restaurant on a 25 year full repairing and insuring lease from 26th June 2006, subject to reviews in 2011, 2016, 2021 and 2026. The current rent passing is £23,500 per annum. The property therefore is sold with the benefit of an unexpired term of 9 years and a review in 2026.
Rental Value - Using £5 on the first floor restaurant and £3 on the ancillary, the current rent of £23,500 equates to a Zone A figure of £27.91.
EPC - The property has an EPC rating of E.
Covenant - The property is let to four individuals trading as Mahmaan Restaurant. We understand that the rent is paid regularly on time.
No further credit references are available. Enquiries of Tripadvisor show that this property has a 4* rating.
Price - Offers are invited in excess of £315,000 to show an initial yield of 7.46% before costs.
Specification
- Well-established Indian Restaurant
- Current Rent £23,000 per annum
- Lease expiry June 2031 (9 years unexpired)
- Excellent record
- Seating Capacity 58 persons
- Offers invited at £315,000 to show 7.3% before costs