Restaurant for Sale in Islington London on Upper Street with versatile space and foot traffic

Description

PROOF OF FUNDS REQUIRED: All interested buyers must be able to provide proof of funds before requesting a viewing.MAIN DETAILSPremium opportunity to acquire a newly granted FRI leaseSituated in a prime, high-footfall location on Upper Street, IslingtonBustling area with exceptionally strong passing tradeSurrounded by established operators including Nando’s, Sainsbury’s, and Caffè NeroCirca 994 sq. ft (spread over ground floor and basement)Highly versatile space, suitable for cafés, alternative cuisines, or existing operationsBenefits from gas, extraction, three-phase power, and premises licenceWell-appointed restaurant comfortably accommodating circa 38 coversLANDLORD’S REQUIREMENTSGuarantor required (subject to references)6 months’ rent deposit required (subject to references)Standard commercial background and financial checks will be carried outLEASE DETAILSGrant of a new lease (exact terms to be mutually agreed)Rent: £58,800 per annum exclusiveRent review: Every 4 yearsPremium: £99,000 (includes business goodwill, lease, and fixtures and fittings)THE PREMISESTotal Size: Circa 994 sq. ft. spread over ground floor and basementSeating Capacity: Circa 22 covers on the ground floor and 16 covers in the basementFully equipped with commercial gas, high-capacity extraction, three-phase electricity, and premises licenceRateable Value: 49,000Payable Rates: Circa £18,718 per annum (interested parties are advised to verify with the local council)THE BUSINESSFinancials: Generates a steady gross revenue of circa £360,000 per annum (£7,000 per week) on highly condensed hoursHigh Growth Potential: Currently operating only 5 days a week (lunch on weekends only) due to the owner’s lifestyle choice. Significant scope to increase turnover by extending trading hoursProven Track Record: Previously achieved annual turnover of circa £700,000 when operating full-time (7 days, lunch and dinner), demonstrating strong demand for the locationManagement: Efficiently run by the owner (chef) with 5 full-time and 1 part-time staff membersTHE LOCATIONCoveted Upper Street address in the heart of Islington, N1Strategically located just a few minutes’ walk from Angel StationVIEWINGS & CONFIDENTIALITYAll interested buyers must have proof of funds to meet the premium and landlord’s requirementsAll interested buyers must agree to a Non-Disclosure Agreement with the agent due to confidentiality requirementsStrictly through Restaurant Property Sellers only. By using the website, users agree to Terms and ConditionsDISCLAIMERThe above information is provided by the seller and is issued without responsibility on the part of the firm and is not to be relied upon as statements of fact. Any intending purchaser must satisfy themselves as to the correctness of each statement. The firm and its employees have no authority to make or give any representation or warranty in relation to this property.