Property Description

- Ground Floor - Comprises an open plan restaurant trading area with a raised seating area. To the rear is a large pizza oven and open plan prep-kitchen together with a glass wash area. The rear of the ground floor also benefits for a skylight.
- First Floor - Comprises cold stores and additional food prep-area, male and female customer wc’s and an office.
- Second Floor - Two-bedroom flat. The flat comprises two bedrooms, lounge, kitchen, bathroom with wc and a further shower room with wc.

Leases

- Ground floor & first floor restaurant : 15 year lease from 20th March 2013 expiring March 2028 at a passing rent of £45,000 pa. The rent was recently reduced from £75,000 pa due to Covid related restrictions on trading. The rent is to be reviewed March 2023. - Second floor two-bedroom flat let on an AST at a rent of £1,500 pcm (£18,000 pa) The total current rent reserved is £63,000 per annum.

Tenant Information:

The commercial tenant is ‘Cristo Valeto Limited’ (Company number. 09331568), incorporated on 27th November 2014. A parent company guarantee is provided from ‘Scuderia Vesuvio Limited’ (Company number. 07037909), their latest accounts lodged with Companies House for the year ending 31st October 2020 show tangible assets of £466,258 plus current assets of £1,014,983, this includes cash of £877,088. The average number of staff from October 2019 – 2020 was 50.<br>The business trades as ‘Santa Maria Pizzeria’ (www.santamariapizzeria.com) and currently trade from five sites across<br>London in the following locations:-<br>- 11 Bond Street, Ealing, W5 5AP<br>- 94 Waterford Road, Chelsea, SW6 2HA<br>- 160 New Cavendish Street, Fitzrovia, W1W 6YR<br>- Duke of London, Catherine Wheel Road, Brentford, TW8 8AT<br>- 189 Upper Street, Islington, N1 1RQ<br>Their Upper Street branch being the tenant’s most recent acquisition.

Location

The property is located on the vibrant Upper Street in the London Borough of Islington, benefiting from an extensive range of entertainment, leisure, shopping and hospitality amenities such as the Hilton Hotel, Nuffield Health and Fitness Gym and Islington Square Shopping Centre. Multiple supermarkets are also located in close proximity including Marks and Spencer, Waitrose and Sainsburys. <br>Transport connections are convenient with links including Essex Road Station, Angel Station and Highbury and Islington Overground Station all located within walking distance and providing direct lines to central London (2 miles away)

Note:

The buyers fee is on this lot is £2,400 including VAT

Video Tour

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Tenure

Freehold

Location

The property is located on the vibrant Upper Street in the London Borough of Islington, benefiting from an extensive range of entertainment, leisure, shopping and hospitality amenities such as the Hilton Hotel, Nuffield Health and Fitness Gym and Islington Square Shopping Centre. Multiple supermarkets are also located in close proximity including Marks and Spencer, Waitrose and Sainsburys. <br>Transport connections are convenient with links including Essex Road Station, Angel Station and Highbury and Islington Overground Station all located within walking distance and providing direct lines to central London (2 miles away)