Restaurant with Catering Hall for Sale in Ilford, East London

Description

MAIN DETAILSSpacious restaurant with catering hall in East London.Ideal for parties, weddings, and ceremonies.Approximately 3,687 sq. ft total area, with capacity for up to 270 guests.Fully fitted commercial kitchen.Premises licence in place.Business for sale and lease assignment.LANDLORD REQUIREMENTSGuarantor required, subject to references.6 months rent deposit required, subject to references.Standard referencing and additional checks will apply.LEASE DETAILSLease expiry: March 2030 (option of a new lease).Current rent: £50,400 per annum, exclusive.Rent review: Every 3 years.Next rent review: March 2027.Premium: £499,000, including business, lease, fixtures, and fittings.THE PREMISESTotal area: Approximately 3,687 sq. ft.Restaurant and bar capacity: Approximately 90 covers.Wedding hall capacity: Up to 180 guests.Fully fitted commercial kitchen.Premises licence in place.New rateable value: £72,500.Payable business rates: Approximately £34,800 (TBC).THE BUSINESSWe have been informed that the restaurant and wedding operations generate gross revenue of approximately £780,000 per annum (£15,000 per week).THE LOCATIONIlford, East London.Car parking available nearby, ideal for weddings and events.VIEWINGS AND CONFIDENTIALITYAll interested buyers must provide proof of funds to meet the premium and landlord requirements.All interested parties must sign a Non-Disclosure Agreement due to confidentiality requested by the client.Viewings are strictly through Restaurant Property Sellers only. Use of the website constitutes acceptance of the company’s terms and conditions.DISCLAIMERThe above information is provided by the seller and is issued without responsibility on the part of the agent and is not to be relied upon as statements of fact. Any intending purchaser must satisfy themselves as to the correctness of each statement. Neither the firm nor any of its employees has authority to make or give any representation or warranty in relation to this property.