Restaurant for sale
Property description & features
- Tenure: Leasehold
- Fully let city centre investment property
- Prominently located at corner of John St/Atheneum Street
- Ground floor and basement coffee shop and restaurant
- Current income £24,000 pa increasing to £25,000 (Dec 23)
- Private car parking to rear included
- Long leasehold (999y from 2003)
We are pleased to offer to auction this excellent city centre investment opportunity, prominently located along the corners of John Street and Athenaeum Street. The property forms part of a larger building constructed circa 1950/1960 and is arranged over ground floor and basement only with allocated car parking to the rear. The upper floors are held under separate title and do not form part of the demised property having being sold off in recent years.
Please note that we have not inspected this property.
Rooms
Location
John Street forms part of Sunniside which is the main professional area within Sunderland City Centre. The property is prominently located on the corner of John Street and Athenaeum Street immediately opposite TSB, Your Move and Ben Hoare Bell Solicitors.
Accommodation: No.18 - Coffee @ The Bothy
GROUND FLOOR
Café and premises - 100.70sqm (1,084sqft)
BASEMENT
Storage and W.C.s
EXTERNAL
Allocated car parking to rear.
Accommodation: No.18a - vacant restaurant
GROUND FLOOR
Restaurant - 125.88sqm (1,355sqft)
BASEMENT
Staff/storage - 9.20sqm (99sqft)
EXTERNAL
Allocated car parking to rear.
Lease Details
18 John Street is let for a term of 5 years from Dec 2020 trading as Coffee @ the Bothy held on FRI terms subject to a schedule of condition. The rent is stepped at £10,000 in year 1, £11,000 year 2 and £12,000 in years 3 to 5. The current passing annual rental is £11,000 increasing to £12,000 in December 2023. The lease expires in December 2025.
18a John Street (restaurant) has been let on a 10 years term at £15,500 per annum, commencing on the 22nd of April 2024.
Tenure
Long leasehold of 999 years from 4 February 2003. Title number TY396893.
Rateable Value
The adopted rateable values are as follows as of 1st April 2023:
18 John Street: £9,800
18a John Street: £9,400
Sourced from VOA.
EPC
Both available upon request (ratings D and C).
Places of interest
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Broadband availability and predicted speed
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Energy Performance data and Internal floor area
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