Royal India, 1 Watling Street Available

Royal India, 1 Watling Street Fosters Booth
Towcester
NN12 8LB
£525,000
4957 sq ft

Summary

Investment opportunity. Indian restaurant wholly let on 25 year lease, expiring 2033, generating £35,000 per annum rental income. Large Grade II listed building occupying a prominent on Watling Street, and located approx 3.5 miles north of Towcester.
  • Rental income of £35,000 per annum
  • Restaurant with space for approx 75 covers
  • Large managers flat
  • Attractive prominent character building (Grade 2 listed)
  • Car park

Location

The property is located on the Watling Street (A5) junction at Fosters Booth, a popular village in Northamptonshire. The village provides various local amenities. The market town of Towcester is situated nearby.

Whilst Towcester is still a small market town, a considerable amount of both residential and commercial development has taken place during the course of the last 20 years. This trend is set to continue with further plans approved for additional housing development. The town is also home to the Towcester race course and is close to the Silverstone Grand Prix circuit which lies about 5 miles south on the A45.

Accommodation

The property comprises an attractive Grade II listed character building, currently trading as the 'Royal India' restaurant.

The ground floor comprises the main restaurant area, with a separate function room, providing 75 covers in total. A public bar, kitchen facilities, cellar and public w/c's complete the accommodation on the ground floor.

The upper floor is currently occupied as a self contained manager's flat and provides 3 double bedrooms, a kitchen and a lounge.

Externally, there is a large car parking area with space for 20 cars, a garden and further external stores.

Floor Areas

Ground Floor 2,182 Sq Ft 202.71 Sq M
First Floor 1,285 Sq Ft 119.38 Sq M
Cellar 1,490 Sq Ft 138.42 Sq M
Total Area 4,957 Sq Ft 460.52 Sq M

Terms

The property is offered on an investment purchase basis, being wholly let on a 25 year lease which expires 8th April 2033. The passing rent is £35,000 per annum exclusive. There is an outstanding rent review due on 9th April 2018.

Further lease terms are available on request.

Legal Costs

Both parties are to pay their own costs incurred in the transaction.

VAT

VAT is not applicable on this property.

Services

We understand that mains services including water, electricity and drainage are connected to the property. Gas is provided via on-site gas tanks. It should be noted that none of the services have been tested and it is up to prospective occupiers to ensure that the facilities are installed and working to their own satisfaction.

Service Charges

Energy Performance Certificate Rating

Awaited.

Other Information

In accordance with Money Laundering Regulations, please be aware that any prospective purchaser will be asked to produce I.D. documentation when a sale is agreed and we kindly ask for your cooperation in order to minimise delay.

Viewing

To view and for further details please contact:

Charles Church
Email: cc@underwoods.co.uk
Telephone: 01604 404060
Direct Dial: 01604 783004

Amy Gregory
Email: ag@underwoods.co.uk
Telephone: 01604 404060
Direct Dial: 01604 774146