Greater London, N1 6RA

Description

This prominent west facing retail unit is currently occupied by a bespoke bicycle shop and cafe business. The unit benefits from being located within an established retail location with other occupiers including Percy Ingles, Iceland, Ladbrokes and there has been an increasing number of Cafe Restaurants in the area which are supported by local residence and business located in Shoreditch. The unit has be tastefully refurbished by the current occupier which started as a shell unit. The unit benefits from having a rear access for loading. There could be the opportunity to rent a car parking space directly from the Landlord by a separate arrangement. The unit offers a number of features including, serving bar and plumbing, electrically operated security shutters, new electrical circuits, newly fitted toilet, vinyl flooring and many more.

Accommodation

Retail Unit

765 sq. Ft. - 71.08 m2 (approx. Net internal)

813 sq. Ft. - 75.54 m2 (approx. Gross internal)

Frontage (glazed) 4.36 meters

Current lease

The current occupier would like to assign their current lease which commenced in July

2015 for a term of 15 years with tenants only break and rent review at the end of years 5 and 10 years.

Current passing rent

£14,000 per annum per unit, exclusive (plus VAT)

Premium

The current tenant is seeking a premium of £20,000 for the benefit of the current lease and the extensive fit out (schedule could be provided)

Building insurance

Estimated to be £1,000 per annum

Business rates

We are informed by the Valuation Office Agency website that the Rateable Value of the Property is £17,000.00 with Rates Payable from the 1st April 2019 to 31st March 2020 being £8,347.00. The unit could qualify from having Retail Relief which could amount to a business rates reduction up to 33% of the rates payable. Interested parties are advised to seek confirmation from the London Borough of Hackney on