THE BLIND RABBIT 9 WEEKDAY CROSS - NOTTINGHAM - NG1 2GB - "FREEHOLD RESTAURANT BAR INVESTMENT FOR SALE, CURRENTLY LET TO ESTABLISHED MULTIPLE ...
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The Blind Rabbit
9 Weekday Cross – Nottingham – NG1 2GB
“Freehold restaurant bar investment for sale, currently let to established multiple operator
Fletchergate Industries who run eight sites in Nottingham”
Investment Summary ++ Freehold restaurant bar and ground rent investment ++ Basement, ground and first floor let to Weekday Cross Ltd, part of Fletchergate Industries Group with 6 restaurants and 2 bars in Nottingham ++ The second floor office is sold off on a long leasehold expiring 16th September 2124 at a peppercorn rent ++ The third floor apartment is sold off on a long leasehold expiring 17th June 2124 at rent of £100 per annum ++ Current rent of £32,500 per annum, increasing to £65,000 per annum on 26 August 2023 and to a minimum of £70,000 per annum in April 2026 ++ Five yearly open market rent reviews subject to a cap of 3% annually compounded ++ 10 year lease expiring in April 2031 ++ Situated in the popular Lace Market District ++ Restaurant/Bar GIA - 7,094 sq ft ++ Occupational tenant unaffected by sale ++ Rent to be topped up to £65,000 per annum on completion ++ We are seeking offers in excess of £820,000 (7.5% NIY) The Blind Rabbit 9 Weekday Cross, Nottingham, NG1 2GB
location
The premises is located in Nottingham City Centre within the
popular Lace Market District. The University of Nottingham
and Nottingham Trent University campus’ are both a short
distance from the site and have large student populations.
Nottingham City Centre comprises a range of leisure
operators including Pitcher & Piano, All Bar One, The
Alchemist, Be At One and Revolution alongside restaurants
including Yo! Sushi, McDonalds, Bills, Five Guys, Burger King
and Pret. The Intu Victoria Centre and Intu Broadmarsh
shopping centres are located a short distance to the north
and south of the city centre respectively.
Description
The four storey property comprises the basement, ground
and first floor restaurant bar, second floor office and third
floor residential flat, with exposed stone and brick elevations.
Accommodation
Experian
50 metres
Ground Floor
The ground floor comprises the main trading area with central
Copyright and confidentiality Experian, 2020. © Crown copyright and For more
bar servery and seating for approximately 84 covers.database rights 2020. OS 100019885
Ancillary www.experian.co.uk/goad | goad
accommodation to the rear comprises a disabled toilet, trade
kitchen, prep area and cold & dry stores.
Basement
The basement area comprises storage, staff changing rooms, staff
toilets and an office area.
First Floor
The first floor is accessed from an internal staircase and comprises
a further trading area with seating for approximately 88 covers.
To the rear there is another bar servery with a dumb waiter from
ground floor. Male and female toilets are also provided on the first
floor, as well as additional storage space.
TheThe
Blind Rabbit, Weekday Cross, Nottingham
Blind Rabbit, Weekday Cross, Nottingham
Approximate Floor Areas GIAinternal
Basement
Basement internalarea
area== 1,918 sqftft/ /178
1,918 sq 178sqsqmm
Ground Floor
Ground internal
Floor internalarea
area =
= 2,584 sqftft/ /240
2,584 sq 240sqsq
mm
The property has the following approximate gross internal areas:First Floor
First internal
Floor internalarea
area == 2,592 sqftft/ /241
2,592 sq 241sqsqmm
Total internal
Total internalarea
area==7,094 sq ftft//659
7,094 sq 659sq
sqmm
AREA SQ M SQ FT
Basement 178 1,918 Store
Store
Ground 240 2,584 7.48 x 4.46
24'6" x7.48
14'8"x 4.46
24'6" x 14'8"
First 241 2,592
Fire Escape
Boiler Room 7.40 x 1.04
Fire Escape
Total 659 7,094 Kitchen
Boiler Room
24'3" x 3'5"
7.40 x 1.04
24'3" x 3'5"
14.32 x 4.86
Kitchen
47'0" x 15'11"
14.32 x 4.86 Gents
47'0" x 15'11" Toilet
Gents
Toilet
Ladies
Toilet
Ladies
Toilet
Store
3.80 x 2.48
12'6" x 8'2"
Store
3.80 x 2.48
12'6" x 8'2"
Canteen
3.00 x 2.75
9'10" x 9'0"
Gents Ladies
Toilet Toilet
Canteen
3.00 x 2.75Office
3.00 x 2.01 Bar Area
9'10" x 9'0"
9'10" x 6'7" 19.03 x 9.09
Gents Ladies 62'5" x 29'10"
Bar Area
Toilet Toilet 18.24 x 9.63
Office 59'10" x 31'7"
3.00 x 2.01 Bar Area
9'10" x 6'7" 19.03 x 9.09
62'5" x 29'10"
Store
Bar Area
18.24 x 9.63
59'10" x 31'7"
Store
Cellar
5.30 x 3.73
17'5" x 12'3" Cellar
6.72 x 5.56
22'1" x 18'3"
Cellar
Basement
5.30 x 3.73
17'5" x 12'3"
Ground Floor First Floor
Cellar
6.72 x 5.56
FOR ILLUSTRATIVE PURPOSES ONLY - NOT TO SCALE
22'1" x 18'3"
The position & size of doors, windows, appliances and other features are approximate only.
Basement © ehouse. Unauthorised Ground Floor prohibited. Drawing ref.First
reproduction Floor
dig/8485052/SS
FOR ILLUSTRATIVE PURPOSES ONLY - NOT TO SCALE
The position & size of doors, windows, appliances and other features are approximate only.
© ehouse. Unauthorised reproduction prohibited. Drawing ref. dig/8485052/SS
Tenure and Tenancy The entire property is held freehold (NT336668) however, the second and third floors have been sold off on long leases. The restaurant arranged over ground, basement and first floor levels is subject to a 10 year lease to Weekday Cross Ltd (Company Number 12977336) expiring on 25 April 2031 at a current rent of £32,500 per annum, increasing to £65,000 per annum on 26 August 2023 and to a minimum of £70,000 per annum in April 2026. Open market rent reviews are on a five yearly basis subject to a cap of 3% annually compounded. The lease is held on full repairing obligations subject to a schedule of condition. The vendor will top up the rent to £65,000 per annum for the period between the date of completion and the 26 August 2023. The second floor office is sold off on a long leasehold expiring 16th September 2124 at a peppercorn rent. The third floor apartment is sold off on a long leasehold expiring 17th June 2124 at rent of £100 per annum. Covenant The property is let to Weekday Cross Ltd which forms part of the Fletchergate Industries Group. The Group currently operate 6 restaurants and 2 bars in Nottingham: • The Blind Rabbit https: //www.theblindrabbitnotts.com/ • The Magic Garden http://themagicgardennotts.com/ • Penny Lane http://pennylanebars.com/ • The Hockley Arts Club http://thehockleyartsclub.com/ • Das Kino http: http://das-kino.co.uk/ • The Walrus http://thewalrusnottingham.com/ • Unit 13 • The Cell
VAT VIEWING
All viewings must be made by prior appointment and
It is envisaged that the property will be sold as a TOGC so the transaction should
under no circumstances should any direct approach be
therefore be exempt from VAT.
made to any of the occupational tenants staff.
Terms Contacts
We are instructed to invite offers in excess of £820,000 which reflects 7.5% NIY assuming For further information and all viewing requests please
the usual purchasers costs. A purchase at this level would reflect a reversionary yield of contact the sole selling agents Savills.
8.1% NIY based on the minimum rental increase to £70,000 per annum in 2026.
Stuart Stares
+44 (0) 207 299 3088
+44 (0) 7807 999 841
MONEY LAUNDERING sstares@savills.com
James Grasby
Money laundering regulations require Savills to conduct checks upon all purchasers.
+44 (0) 207 409 8178
Prospective purchasers will need to provide proof of identity and residence.
+44 (0) 786 620 3540
james.grasby@savills.com
Paul Breen
PLANNING +44 (0) 207 877 4555
+44 (0) 7767 873 353
The property is Grade II Listed and situated within the Lace Market Conservation Area. pbreen@savills.com
Victor Ktori
+44 (0) 115 934 8171
EPC +44 (0) 7870 999 467
VKtori@savills.com
D-82
Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of
H.M.Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited. Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume
no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all
necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
March 2022
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